Alpha to trump beta in 2013: After four years where beta dominated, we believe alpha will make up a bigger slice of the (smaller) returns pie in 2013. Asset classes, regions and countries will be less correlated, in our view, with lower systemic risk and higher company-specific risk.

The direction of major currencies can have a profound impact on the returns investors make, but it is an area few really follow or few understand. Over time the major currencies revert to long time exchange rates but over the short term fluctuations can be both an asset and liability to investors.

The purpose of this paper is to illustrate the benefits that an active and diversified currency strategy can bring when added to a multi-asset-class portfolio. The advantages that a diversified approach can offer compared with that of the most widely used currency investment strategies will also be

How should investors manage the coming Flight From Liabilities? We argued previously that purchases of US treasuries and US dollars constitute a flight to liabilities, not a flight to safety. But this can also reverse.

This briefing provides an overview of recent key developments in Chinese RMB funds, including highlights of the Tianjin QFLP regulations issued in October in light of similar QFLP regulations in Shanghai and Beijing; and the universal filing requirements introduced in a circular issued in November.

China has launched a pilot program which allows Chinese yuan raised by Hong Kong subsidiaries of Chinese domestic fund management companies to be invested in China's domestic securities markets. Bingham McCutchen outline the program's expected effect and RQFII qualification requirements.

On 19 September, the Hungarian Parliament adopted an amendment to the Hungarian Banking Act which has already caused major turbulence in the banking sectors. This briefing outlines the conditions banks will be obliged to accept and explains why the amendment may be challenged as unconstitutional.

On 28 June 2011, the Indonesian Government brought into force Law No.7 of 2011. Known as the 'Currency Law', it seeks to promote the use of Indonesian Rupiah in domestic transactions. This briefing outlines the law's criminal sanctions, exemptions and implications for Indonesian businesses.

On 1 June 2011, the Russian Government introduced three draft laws in the State Duma concerning amendments to currency control procedures and liability of infringing legislation on currency regulation and control.

Now that the immediate urgency of the credit crisis has passed, we are left with the question of ‘what comes next’?