But the strategist for Dresdner Kleinwort Benson in Hong Kong is wary of some markets too.
The Japanese system, complains Mitsuo Ohmi, a drug analyst at Dresdner Kleinwort Benson (Asia) Ltd.
Dresdner Kleinwort is being merged with Dresdner's corporate bank, taking over its top 2, 000 customers.
The state has hired Dresdner Kleinwort Wasserstein, the US investment bank, to value Yugansk.
"I think clearly the value of these particular funds has deteriorated, " said Dresdner Kleinwort analyst Millan Gudka.
Alex Stewart, a strategist at Dresdner Kleinwort, says 2007 has been an annus horribilis for income investing.
ECONOMIST: Looking for growth stocks when there is not much growth
However, many fund managers like Christopher James of Kleinwort Benson Investment Management believe things may soon improve.
The bonuses had been promised to Dresdner Kleinwort bankers before it was sold to Commerzbank in late 2008.
Allianz is reportedly considering a number of options including the sale of Dresdner Kleinwort once market conditions improve.
"I think the risk to BNP should be limited, " said Dresdner Kleinwort's Gudka.
Commerzbank AG, Dresdner Kleinwort Securities LLC, and Dresdner Kleinwort Services LLC v.
FORBES: Former Dresdner Kleinwort Employees Win Massive Arbitration Damages
As tariff barriers come down, says Erik Sardain of Kleinwort Benson, over-capacity will remain a problem for many firms.
If not, there will be a diminishing demand for space at 30 Gresham Street, Dresdner Kleinwort's smart new address.
Dresdner Kleinwort Wasserstein, as the investment bank is now called, has an enviable client list, which Allianz might covet.
According to Peter Tasker of Dresdner Kleinwort Benson, depreciation equals around two-thirds of Japanese firms' cash-flow, profits only one-third.
In 1993, according to Dresdner Kleinwort Benson, financial assets accounted for 14.6% of total wealth, and equities for 16%.
According to sources close to Mr Sarrazin, he declined, choosing to concentrate his energies on managing Kleinwort Benson instead.
Why should Dresdner, wondered Kleinwort, when it was clearly hopeless at investment banking?
Indeed, according to Dresdner Kleinwort Wasserstein, corporate America is already living with deflation.
In March, Allianz decided to carve up its Dresdner banking unit, after significant losses at the securities division Dresdner Kleinwort.
The resulting company is big enough to take on a global banking client, as it has with Dresdner Kleinwort Benson.
Why ought Kleinwort to run bits of the Frankfurt operations, thought peeved German bankers, given that Dresdner now owned it?
"I see it as a correction within a bull market, " said James Hong, head of equity derivatives trading at Dresdner Kleinwort.
Previously, the attraction at Dresdner Kleinwort Wasserstein was a skewed bonus system that rewarded deal revenue rather than the actual return to shareholders.
"It's not a question of will Samsung become No. 2 but when, " says Per Lindberg, a telecom analyst for Dresdner Kleinwort Wasserstein in London.
The offer's two main underwriters, Morgan Stanley and Dresdner Kleinwort, found buyers to bring the take-up to 38%, but were left holding the rest.
On November 25th he had stepped down from the management board and announced that he was moving to London to run Kleinwort from there.
According to Jaap Meijer, an analyst with Dresdner Kleinwort, if the French government converted this debt to equity it would be a different story.
That gap could widen to more than 30% if the Tweedy, Brown resolution fails, predicts Anthony Cox, an analyst with Dresdner Kleinwort Benson in London.
Peter Tasker, an analyst at Dresdner Kleinwort Benson, an investment bank, points out that it will be no easier for foreigners to buy Japanese firms.
应用推荐