Press Room

'More risks than upside' in Liontrust acquisition of Gam
Ignites Europe
5th May 2023

Hedge funds return to Swiss private banking menu
Professional Wealth Management
13 February 2023

Watch Ray Soudah presenting at the January 2023 Peace City World Congress, launching the first of many "Smart" and green cities to be developed in Spain and the MENA region.
Peace City World
24th January 2023

BlackRock commits up to £200m to UK battery storage projects
IPE Real Assets Europe
10th June2022

Jupiter sale ‘more likely’ after Robey Warshaw appointment
Ignites Europe
15th December 2021

Delighted to sponsor another successful British Swiss Chamber of Commerce Financial Services lunch
16 November 2021

Why searching for unicorns risks missing the real returns of tech investments
Arab News
8 July 2021

Saudi Arabia dominates startup investment sector during May
Arab News
9 June 2021

Consultants warn pension funds of NN IP on shortlists
IPE
10 May 2021

Governments can't afford to be nostalgic about cash in the age of crypto
Arabian Business
29 April 2021

MilleniumAssociates further strengthens its green and sustainable transaction network team
Managers of Wealth
7 December 2020

MilleniumAssociates renforce son réseau de transactions écologiques et durables
allnews
18 novembre 2020

MilleniumAssociates holt ESG-Expertin als Partnerin
Finews
18 November 2020

Hildebrand, ein Brite oder doch eine Frau?
Finanz und Wirthschaft
14 Oktober 2020

Intesa Sanpaolo Buys REYL Majority Stake
WealthBriefing
6 October 2020

Schroders Flags Big Ambitions
WealthBriefing
22 September 2020

UBS und Credit Suisse: Erzrivalen oder plötzlich Partner?
NZZ am Sonntag
20 September 2020

Switzerland's Two Largest Banks Toy With Marriage
WealthBriefing
15 September 2020

Swiss Private Banking M&A Noise Level Rises Post-Pandemic
WealthBriefing
29 June 2020

MilleniumAssociates celebrates its 20th Anniversary
Hubis
19 June 2020

Les restes de la Falcon intéressent Heritage
Tribune de Genève
18 June 2020

MilleniumAssociates enhances its Global Advisory Board
Hubis
4 June 2020

Who's Moving Where In Wealth Management? - Brown Shipley, MilleniumAssociates, Others
WealthBriefing
4 June 2020

Millenium Associates binden einstigen Privatbank-Chef ein
Finews
3 Juni 2020

More M&A heat, but no fire yet
Ignites Europe
26 May 2020

HINTERGRUND-Schweizer Vermogensverwaltern drohen magere Jahre
Reuters News
4. April 2020

Was, wenn Ausländer Grossbanken kaufen?
Neue Zürcher Zeitung
23. Juni 2019

DWS-UBS tie-up would create €406bn European institutional manager
The WealthBriefing
25 April 2019

Winners Of The WealthBriefing Swiss Awards 2019
The WealthBriefing
8 February 2019

Wealth management: The Next Generation
EuroMoney
6 February 2019

Two Swiss banks set merger amid further attrition in Alpine banking
The WealthNET
10 January 2019

Banca Arner geht mit Genfer Institut zusammen
Finews
9 January 2019

UBP bets on Hong Kong hub to open up Asia
Professional Wealth Management
17 December 2018

‘Tech and talent’ tonic key to banks’ slimline future
Professional Wealth Management
8 November 2018

Global Private Banking Awards 2018 - Analysis: US private banks spread their wings
Professional Wealth Management
8 November 2018

State of the M&A Scene of Swiss Independent Asset Management Industry
Hubbis
18 September 2018

Investcorp buys 40% holding in Swiss private bank PBS
Financial Times
5 September 2018

Le Groupe Eric Sturdza vend sa participation dans la Banque PBS
AllNews
5 September 2018

Middle East Buyer takes stake in Geneva Private Bank
the wealthnet
5 September 2018

Trouble with Gam fund threatens franchise, say analysts
Ignites Europe
3 September 2018

Nominations closing for WealthBriefing Swiss 7th Annual Awards 2019
Wealthbriefing
30 August 2018

Lombard Odier more than happy to occupy middle ground
Professional Wealth Management
15 August 2018

Imbalance in the State of the M&A Scene of Swiss Independent Asset Management Industry
Managers of Wealth
8 August 2018

Imbalances In Swiss Independent Asset Management M&A
WealthBriefing
10 July 2018
(PDF 160k)

«Verkaufsentscheide im Private Banking sind hochemotional»
Luzerner Zeitung
24 Mai 2018
(PDF 222k)

Scandal-hit private bank insists it's not for sale
the wealthnet
14 May 2018
(PDF 222k)

Bull run 'coming to an end' fuels M&A activity
Ignites Europe
23 January2018
(PDF 114k)

Millenium Associates im Land der Sphinx
Finnews
19 Dezember 2017

Expect A Big Private Bank Player To Vanish In Next 12 Months, Says MilleniumAssociates' Founder
Wealth Briefing
2 October 2017
(PDF 222k)

Collardis Einkaufstour war nicht billig
AZ Zeitungen
6 Februar 2017
(PDF 181k)

Flut an Transaktionen in Grossbritannien
Handelszeitung
19 Januar 2017
(PDF 93k)

Janus Henderson deal raises questions for staff and clients
Financial Times
6 October 2016

Millenium Associates: nomination d’un nouvel associé
L'Agefi
14 September 2016

Millenium Associates erweitert Führungsteam
Finews
13 September 2016

Forse Brexit sarà una chance per la Svizzera
Corriere del Ticino
30 giugno 2016
(PDF 230k)

Neustart Wagen - Vermögensverwaltung Vor Herausforderungen Und Im Umbruch
KMU Rundschau Magazin
22 Juni 2016
(PDF 290k)

Credit Suisse plant keine Fusion mit Deutscher Bank Schweizer Großbank startet mit Verlust ins Jahr / Fortschritte in Vermögensverwaltung
Frankfurter Allgemeine Zeitung
10 Mai 2016
(PDF 100k)

Why the wealth industry needs to urgently reinvent itself
Hubbis
11 April 2016

What the wealth industry needs next
WealthBriefing IFC World Book
7 April 2016
(PDF 180k)

OCBC Takes Barclays Wealth in Asia
FinNews Asia
7 April 2016

Barclays Sells Hong Kong, Singapore Wealth Businesses To Local Asian Player
Wealth Briefing
7 April 2016

Singapore's OCBC wins the bidding for Barclays Wealth in Asia
TheWealthNET
7 April 2016

Il avait toujours une longueur d’avance
L'Agefi
15 mars 2016

Famed Swiss private banking leader passes away
TheWealthNET
15 March 2016

Edgar de Picciotto, Hedge-Fund Pioneer, Dies at Age of 86
Bloomberg Business
14 March 2016

Un véritable prestataire de premier choix
L'Agefi
9 Mars 2016

EFG to Create Top Five Swiss Private Bank After BSI Deal
Bloomberg Business
22 February 2016

Let the bidding begin for $80 billion of private client assets
TheWealthNET
8 December 2015

Former ING Barings head joins Millenium
TheWealthNET
November 2015

Tausende Jobs bei Banken in Gefahr
NZZ am Sonntag
October 2015

«Derzeit gibt es wenige Banken, die zu einem vernünftigen Preis zu kaufen sind»
AZ Medien
October 2015

Credit Suisse CEO to split the bank
Euromoney
21 October 2015

Collaboration – the new growth paradigm
WealthGram
October 2015

Brevan Howard switch ends talk of London exodus
Financial Times
19 July 2015

Small deals becoming big business in Switzerland
Hubbis
12 May 2015

Ray Soudah: «Milliarden von Dollar sind in Bewegung»
Finews
12 Mai 2015

«Bis zu einer Billion US-Dollar sind neu zu segmentieren»
Liechtensteiner Vaterland
9 Mai 2015
(PDF 110k)

«Der Kunde will mitreden können»
Finanz und Wirthschaft
24 April 2015

Des milliards en mouvement
L'Agefi
16 avril 2015
(PDF 89k)

Neue «Dating-Plattform» für Vermögensverwalter
Finews
14 April 2015

MilleniumAssociates Talks Billions On The Move In Private Banking
Wealth Briefing
14 April 2015
(PDF 98k)

Billions on the move
Hubbis
14 April 2015

The private bank which finally broke the curse of Madoff
The WealthNet
7 April 2015
(PDF 66k)

Billions on the move
Private Banker International
26 March 2015
(PDF 103k)

Comment les gérants se rapprochent
L'Agefi
12 mars 2015
(PDF 63k)

Leaked HSBC files damage bank and lift veil on banking secrecy
Financial Times
9 February 2015

Swiss private banks fight to survive
Swissinfo
26 January 2015

Swiss private banks fight for survival
Financial Times
25 January 2015

CHF unpegging vexes M&A outlook for small Swiss private banks
Euromoney
22 January 2015

Tougher operating environment calls for a new private banking business model
Financial Times
23 November 2014

International tax provisions crush Swiss banks?
Euromoney
September 2014

Big tickets mean big redemption risks
Financial Times
3 August 2014

Ehemaliger UBS- und CS-Banker geht zu Millenium Associates
Finews
22 Juli 2014

Dans l’intérêt de l’acquéreur
L'Agefi
18 juilette 2014
(PDF 124k)

Ganze Banken will niemand kaufen
Schweizer Bank
18 Juli 2014
(PDF 579k)

Common touch replaces the smell of money
Financial Times
22 June 2014

Want to join Europe's most exclusive 'client segmentation' club?
TheWealthNet
2 June 2014
(PDF 42k)

Clients in danger of losing in private banking kickabout
Professional Wealth Management
2 June 2014

Kundenportefeuilles in der Krise neu gebündelt
Finanz und Wirthschaft
27 Mai 2014
(PDF 135k)

Vor dem Handschlag
Handelszeitung
15 Mai 2014
(PDF 130k)

Has the 'relationship' left the relationship manager?
Euromoney
6 May 2014

Don't Expect Any Slowdown In Wealth M&A Yet; Slick Execution Is Vital
WealthBriefing
2 May 2014
(PDF 95k)

The SFr475 billion offshore private-client transfer
Euromoney
23 April 2014
(PDF 280k)

Les transferts de clientèles pour remplacer les fusions
L'Agefi
19 avril 2014
(PDF 809k)

New Service Taps Need To Efficiently Re-Segment Clients, Move Declared Money
WealthBriefing
7 April 2014
(PDF 44k)

Des échanges plutôt que des M&A
L'Agefi
7 avril 2014
(PDF 310k)

Offshore-Bereinigung: So wird es einfacher für alle
Finews
7 April 2014

UniCredit’s plan to sell Pioneer labelled ‘strange’
Financial Times
23 March 2014

Société Générale's return home a sign of things to come
Professional Wealth Management
21 March 2014

Der Finanzsektor schrumpft doch
Finews
26 Februar 2014

Ray Soudah: «Übernahmen sind derzeit unmöglich»
Finews
10 Februar 2014

BMO could face rival bids for F&C
Financial Times
31 January 2014

Swiss must use crisis to forge new models
Professional Wealth Management
29 November 2013

Aberdeen M&A deal prevails despite Swip outflows
Financial Times
17 November 2013

Saving the poisoned Swiss cash cow
Financial Times
10 November 2013

Spotlighting success in private banking
Professional Wealth Management
31 October 2013

Goldman backs money market funds
Financial Times
27 October 2013

Private Banks Leave Switzerland as End of Secrecy Hurts Profits
Bloomberg Businessweek
30 June 2013

Ex-BCV-Banker stösst zu MilleniumAssociates
Finews
18 Juni 2013

Schweizer Privatbanken finden keine Käufer
Aargauer Zeitung
12 Juni 2013
(PDF 999k)

MilleniumAssociates ausgezeichnet
Finews
2 Oktober 2013

Foreign managers fight for Asia’s ‘hearts and minds
Financial Times
2 June 2013

Judges - Global Private Banking Awards 2013
Professional Wealth Management
3 May 2013
(PDF 183k)

«Steueroptimierung in legalem Rahmen ist durchaus eine Option»
Finews
6 Mai 2013

Will Cyprus survive as an international financial centre?
Professional Wealth Management
1 May 2013

MilleniumAssociates heuert Ex-Banker an
Finews
9 April 2013

Structural shifts imply Swiss focus is overseas
Professional Wealth Management
27 February 2013

Scandals dent Swiss asset hunt
Financial Times
27 January 2013

Wegelin down but battle not over
Financial Times
20 January 2013

Leading players to dispose of private banking offshoots
Professional Wealth Management
4 December 2012

Upheavals push wealth management to the fore
Professional Wealth Management
4 December 2012

Private banks turning Eastern promise into reality
Professional Wealth Management
3 December 2012

IBS Journal Wealth Management Supplement 2012
IBS Journal
5 November 2012

Higher M&A prices for EM wealth managers: Scorpio
Ignites Asia
18 October 2012
(PDF 27k)

Evolution key to ending Swiss spell in purgatory
Professional Wealth Management
26 September 2012

«Les bénéfices des banques suisses sont en partie artificiels»
Le Temps
26 septembre 2012
(PDF 171k)

Untenable positions may force UK firms to seek buyers
Professional Wealth Management
26 September 2012

La pression réglementaire partagée
L'Agefi
19 septembre 2012
(PDF 209k)

Swiss banks search for alternatives to M&A boom
Professional Wealth Management
30 August 2012

Julius Baer Said Near Deal to Acquire Merrill Non-U.S. Units
Bloomberg
11 August 2012

Zahnloser Drache
Handelszeitung
26 Juli 2012
(PDF 98k)

SWFs go shopping for managers
Financial Times
15 July 2012
(PDF 146k)

Ray Soudah: the M&A outlook for UK wealth management
Citywire
21 June 2012

Ausverkaufsstimmung bei Schweizer Privatbanken
Aargauer Zeitung 
29 Juni 2012
(PDF 155k)

Die Suche nach dem perfekten Deal
Finanz und Wirthschaft  
20 Juni 2012
(PDF 146k)

Ray Soudah: «Raréfaction de la demande»
L'Agefi
15 juin 2012
(PDF 171k)

Ray Soudah: «Das Profil der Konsolidierungsgewinner»
Finews  
11 Juni 2012
(PDF 106k)

Ray Soudah: « Bankenkonsolidierung: Was läuft in England? >»
Finews   
25 Mai 2012
(PDF 105k)

Ray Soudah: «La consolidation tant annoncées»
L'Agefi
16 mai 2012
(PDF 202k)

Ray Soudah: «Konsolidierung? Welche Konsolidierung?»
Finnews   
14 Mai 2012
(PDF 107k)

Allianz zwischen Sasfin Corporate Finance und MilleniumAssociates AG
MoneyCab   
13 Mai 2012

Swiss M&A advisory firm partners with entrepreneur-focused bank
The Wealth Net 
9 May 2012
(PDF 38k)

Sasfin Corporate Finance, MilleniumAssociates form alliance
Business Live
8 May 2012

Swiss scandals could signal end of an era
Professional Wealth Management 
30 January 2012
(PDF 109k)

Hildebrand case puts spotlight on bank secrecy
Financial Times 
12 January 2012
(PDF 81k)

Buyout fever sweeps the private banking business in 'fire sale' disposals
The Wealth Net 
9 January 2012
(PDF 47k)

10 bis 20 Prozent weniger Stellen
Schweizer Bank  (in German) 
20 Dezember 2011
(PDF 230k)

Swiss banks set for greater consolidation
Financial Times  
4 December 2011
(PDF 110k)

Clariden Leu hätte man nach Asien verkaufen können
FI News   (in German)
1 December 2011
(PDF 94k)

Clariden Leu was not obsolescent
Handelszeitung     (English Translation)
1 December 2011
(PDF 169k)

MilleniumAssociates judge at the 'Global Banking Awards 2011'
BusinessLife.co     (in English)
7 November 2011
(link)

Die Grossen werden noch grösser
Handelszeitung     (in German)
5 May 2011
(PDF 122k)

Interview with Ray Soudah
Moneycab     (in German)
4. May 2011
(PDF 86k)

Ray Soudah: «L'action UBS peut grimper au plus à 40 francs»
Le Temps
30 avril 2011
(PDF 45k)

Smaller private banks should sell out or specialize - M&A expert
EUBankers.net
1 April 2011
(PDF 26k)

M&A will shape the future of investment, globally
Professional Investor
Spring 2011
(PDF 200k)

La réglementation: un mal ou un bien pour le secteur financier?
marchet.ch     (in French)
March 2010
(PDF 60k)

Approaching the divide
PWM Professional Wealth Management
March 2011
(PDF 162k)

Getting out of Swiss banks?
Private Banker International
February 2011
(PDF 92k)

New players move in on banks' turf
Financial Times
17 October 2010
(PDF 30k)

Steter Strom von Deals
Finanz und Wirtschaft   (in German)
14 July 2010
(PDF 837k)

Banken stehen vor Spielzug
Handelszeitung   (in German)
7 July 2010
(PDF 38k)

Banking secrecy is slipping away
Connexion
June 2010 edition
(PDF 23k)

Swiss Banks Move From Tax Havens To Tax Cops
Wall Street Journal
28 April 2010
(PDF 22k)

Big Bang dans la gouvernance des banques
Le Temps     (in French)
22 January 2010
(PDF 49k)

Liebesbezeugung an das eigene Fondsgeschäft
Schweizer Bank     (in German)
February 2010
(PDF 172k)

Lack of quality holds back bidders
Private Banker International
January 2010
(PDF 237k)

Two frontrunners emerge in German private landscape
The Banker
30 December 2009
(PDF 40k)

Reasons for cheer and for caution
Financial Times
20 December 2009
(PDF 38k)

More state-supported banks head for the private banking exits
Private Banker International
16 December 2009
(PDF 24k)

A new era in wealth management
PWM Professional Wealth Management
9 December 2009
(PDF 33k)

Question-mark over Brown Shipley's future as owner restructures
TheWealthNet
16 November 2009
(PDF 35k)

Euro view: More mergers and acquisitions, please
Financial Times
2 November 2009
(PDF 28k)

Five ways to repair Switzerland's reputation
Article by Ray Soudah
Financial Times
11 October 2009
(PDF 28k)

Expansion, not survival, will drive M&A: Report
Ignites Europe
2 September 2009
(PDF 19k)

Ray Soudah: « Die UBS war gross und übermütig »
finews.ch           (in German)
24 August 2009
(PDF 42k)

Big M&A is back in private banking
Private Banker International
19 August 2009
(PDF 25k)

Swiss banks steer closer to transparency
FTFM
6 August 2009
(PDF 29k)

Commerzbank contrainte de céder sa filiale suisse
L’établissement allemand se sépare de l’entité zurichoise héritée de la Dresdner. Ce retrait de la scène de la gestion de fortune helvétique reflète les restructurations imposées par Berlin aux banques sauvées par le contribuable… plus qu’une fuite des groupes bancaires internationaux face à la possible fin du secret bancaire.
Le Temps   (in French)
28 July 2009
(PDF 46k)

Lifting the veil
The era of banking secrecy is over, meaning that the world has changed for Swiss banks. But how they position themselves in the new financial landscape has huge implications for the whole wealth management industry, writes Yuri Bender.
Private Wealth Management (Financial Times)
July/August 2009
(PDF 402k)

Banks expect end to fragmentation
Financial News
6 July 2009
(PDF 147k)

Survey shows private bankers are in an acquisitive mood
Financial News
29 June 2009
(PDF 33k)

Das Karusell dreht sich
Es sind vor allem Probleme der jeweiligen Muttergesellschaften, die unter den in der Schweiz ansässigen Auslandsbanken eine grosse Umwälzung ausgelöst haben.
Schweizer Bank   (in German)
July 2009
(PDF 629k)

BGI may be the exception in sale potential - M&A expert
IPE.com
8 June 2009
(PDF 50k)

Trennung findet keine Nachahmer
Aus eins mach zwei: Bei Julius Bär haben Aktionäre jetzt die Wahl. Doch mit der Idee der Aufspaltung bleibt das Institut vorläufig allein auf weiter Flur.
Handelszeitung   (in German)
26 May 2009
(PDF 50k)

Potential owner of Kleinwort Benson needs to reassure clients and advisors, says MilleniumAssociates' Soudah
The Wealth Net
22 May 2009
(PDF 29k)

Clampdown on bank secrecy fuels drive to consolidate
Financial Times
5 April 2009
(PDF 24k)

Die Zeit ist reif für Käufe
Interview with Ray Soudah, Founder of MilleniumAssociates
Finanz und Wirtschaft   (in German)
21 March 2009
(PDF 660k)

Swiss-Based Norinvest Acquires Private Bank
WealthBriefing
17 March 2009
(PDF 43k)

Troubled Geneva-based private bank sells up
WealthBulletin
17 March 2009
(PDF 43k)

Kleinbanken werden ihre Chancen nutzen
"Bis auf Notverkäufe gibt es fast keine Übernahmen im Bankensektor" sagt Ray Soudah, Gründer von MilleniumAssociates...
Handelszeitung   (in German)
17 March 2009
(PDF 41k)

ANALYSIS: Pssssst-wanna wet up your own private banking advisory?
TheWealthNet
16 March 2009
(PDF 38k)

Swiss banks steer closer to transparency
FTFM
9 August 2009
(PDF 29k)

The urge to merge in wealth is expected to surge
WealthBulletin
12 January 2009
(PDF 119k)

How will wealth management adapt to the challenges of 2009?
WealthBriefing
6 January 2009
(PDF 53k)

Spekulationen um Asset-Management der CS
Verschärfter Kostendruck legt Ausgliederung nahe.
NZZ     (in German)
15 November 2008
(PDF 115k)

Staatshilfe: Fluch oder Segen?
Die schützende Hand des Staates beruhigt zwar die Bankkunden, bringt aber neue Imageprobleme mit sich.
Handelszeitung     (in German)
21 October 2008
(PDF 42k)

Pensions have billions in toxic assets
Financial Times
20 October 2008
(PDF 22k)

Strains from credit crisis may split the industry
Financial Times
19 October 2008
(PDF 83k)

Swiss-based Valartis buys Austrian subsidiary of Irish Bank
WealthBriefing
5 September 2008
(PDF 44k)

UBS takes brave step, but complete breakup still makes sense say analysts
WealthBriefing
13 August 2008
(PDF 20k)

Aktienrückkäufe erreichen Rekordhöhen
Der Mobilfunkanbieter Vodafone kündigt ein neues Programm an.
NZZ    (in German)
24 July 2008
(PDF 23k)

Neue Regeln werfen Schatten voraus
Zusätzliche Vorschriften sollen die Grossbanken sicherer machen. Die UBS muss deutlich mehr tun als die Credit Suisse, um die geplante Verschuldensgrenze einzuhalten. Banken sehen darin einen Wettbewerbsnachteil. Doch auch im Ausland dürften die Regeln schärfer werden.
Handelszeitung     (in German)
16 - 22 July 2008
(PDF 122k)

Wealth Managers Begin Planning for Prolonged Downturn
WealthBriefing
21 July 2008
(PDF 32k)

Ray Soudah prévoit la vente de Julius Bär
L'expert estime que la bourse n'a pas intégré la redimensionnement des banques.   (in French)
Le Temps
24 May 2008
(PDF 593k)

Private Banks must beware risk of lawsuits over client losses
Private wealth managers must be vigilant for a raft of lawsuits from irate clients who have lost money amid the current market turmoil.
WealthBriefing
23 May 2008
(PDF 32k)

Swiss M&A Advisor forges alliance with UK wealth manager
WealthBriefing
22 May 2008
(PDF 19k)

Financial M&A specialist form strategic alliance to help boost presence in Middle East
TheWealthNet
22 May 2008
(PDF 76k)

MilleniumAssociates signs strategic alliance with UK-based advisory company
EUBankers.Net
21 May 2008
(PDF 25k)

Hoffnung schimmert durch
An den Kreditmärkten zeichnet sich eine erste Erholung ab. Dies bedeutet aber nicht, dass die Krise bald ausgestanden ist. Die Auswirkungen sind längerfristig.
Handelszeitung     (in German)
30 April 2008
(PDF 232k)

Banks consolidate wealth divisions
Financial News
24 March 2008
(PDF 46k)

Don't overdo the gloom and doom
Financial Times
24 March 2008
(PDF 24k)

JP Morgan's purchase of Bear Stearns will NOT precipitate consolidation says wealth management M&A expert
TheWealthNet
17 March 2008
(PDF 20k)

Erträge der Vermögensverwalter nehmen 2008 stark ab
Interview with Ray Soudah
Neue Zürcher Zeitung     (in German)
4 March 2008
(PDF 30k)

Smart Wealth Management Operators will Benefit from Tougher M&A Landscape
Article by Ray Soudah
Wealth Briefing
18 February 2008
(PDF 26k)

Wealth management M&A not affected by market downturn
Wealth Briefing
4 February 2008
(PDF 58k)

Private Banks face their own challenges
Financial Times
21 January 2008
(PDF 28k)