TMB Asset Management will focus on improving product quality, boosting its provident fund clients and achieving greater synergy with parent TMB Bank.
Somjin Sornpaisarn, who left One Asset Management to become chief executive of TMBAM effective Sept 1, said the firm would continue to build on its reputation as a leading passive fund manager.
"TMBAM has an outstanding and strong reputation as a passive fund management company.
We have a full range of domestic and foreign investment funds. With quality products that are easy to understand and effective service, we have been able to maintain good relations with sales agents," he said.
TMBAM would build up its provident fund offerings. The company currently offers seven types of funds for employees to choose based on their risk appetite,said Mr Somjin.
TMBAM manages provident fund assets for 46,000 workers at 329 companies.
More than half of the members have opted for "Employee Choice" programmes, a classification that allows employees to shift contributions between funds depending on their investment outlook.
The firm's third key strategy is to boost its ties with TMB Bank, which also has a major shareholding in ING Funds, he said.
"[TMBAM] has a specific personality,with different competencies and philosophies. We still can stand on our own and compete.
TMB Bank has two asset management companies under its umbrella, and it might look as if there is a conflict if looking from each firm. But if looking from the customers' view, there is no conflict," he said.
Mr Somjin declined to comment about whether ING, the largest shareholder in TMB Bank, wants to merge the two fund companies.
TMBAM deputy managing director Paisal Krutdumrongchai said five of the company's Korean bond funds are nearing maturity, involving assets of 9 billion baht.
It was uncertain whether the funds would be rolled over, considering that Korean interest rates have begun to fall and opportunities in other countries for sovereign debt are limited, he said.
Mr Paisal recommended that investors allocate 10% of their portfolio to gold,and gradually build up their holdings in equities.
TMBAM currently has 133.9 billion baht in assets under management, of which 64.85 billion was held in fixedincome funds and 42 billion in foreign investment funds. Equity funds had just 7.8 billion baht in assets, with provident funds 3.55 billion, retirement mutual funds 3.38 billion and long-term equity 4.49 billion.
Tuesday, September 22, 2009
ING to clarify TU case to investors
ING Funds plans to call a meeting of investors in the TU Dome Residential Complex Property Fund (TU-PF) next month to clarify the recent sanctions imposed against it by securities regulators.
The Securities and Exchange Commission fined ING Funds 1.9 million baht and placed its president, Maris Tarab, on probation for three years for fiduciary violations related to ING's management of the TU-PF fund.
Mr Maris, who was also personally fined 231,750 baht, said he wanted to clarify events openly.
"I have received many questions. I want to clarify the situation for unitholders, both regarding my own actions,as well as the fund itself," he said.
Mr Maris acknowledged that the case would make him more "cautious" in the future, as well as more meticulous in detailing what actions must receive regulatory or investor approval to avoid potential conflicts.
"In the past, we see that the alleged wrongdoing that supposedly occurred really is a matter for interpretation," he said.
The TU-PF fund was launched in 2006 to invest in dormitories and serviced apartments to be built on land owned by Thammasat University's Rangsit campus. The fund would lease the property from Thammasat for 30 years after construction of the facilities was complete.
The SEC faulted Mr Maris and ING for authorising payments to the lessor and building contractor without seeking approval from unitholders, as well as for approving payments to the contractor prior to the registration of the lease or completion of the buildings.
Mr Maris said the serviced apartments and dormitory were expected to be completed in November.
He added that for ING, future property funds would be established only for fully completed projects, rather than launched as pre-financing for construction.
For the TU-PF Fund, Mr Maris insisted that the basic investment remained sound, as demand for living quarters at the Thammasat campus would increase steadily.
Rents in the area now stand at 10,000 baht per unit, compared with projections of 7,500 baht when the fund was established. ING estimates that the TU-PF fund should generate annual returns of upwards of 12% over the 30-year lease.
The fund's lease area covers more than 12 rai near the Thammasat Rangsit campus and includes a 12-storey serviced apartment building, parking facilities and three 10-storey dormitory buildings already opened for use. The area also includes a "lifestyle shopping centre"with 15,000 square metres of retail space and parking for more than 400 vehicles.
Nitima Kiatwateeratana, managing director of CIEN Co, the marketing manager of the shopping complex, projected occupancy of 60% by 2010, with 10%growth per year afterwards.
Rental rates at the shopping centre range from 400 to 600 baht per square metre per month, with rates projected to rise by 5% per year.
TU-PF units last traded on the SET on Aug 25, when they closed at 9.40 baht.
The Securities and Exchange Commission fined ING Funds 1.9 million baht and placed its president, Maris Tarab, on probation for three years for fiduciary violations related to ING's management of the TU-PF fund.
Mr Maris, who was also personally fined 231,750 baht, said he wanted to clarify events openly.
"I have received many questions. I want to clarify the situation for unitholders, both regarding my own actions,as well as the fund itself," he said.
Mr Maris acknowledged that the case would make him more "cautious" in the future, as well as more meticulous in detailing what actions must receive regulatory or investor approval to avoid potential conflicts.
"In the past, we see that the alleged wrongdoing that supposedly occurred really is a matter for interpretation," he said.
The TU-PF fund was launched in 2006 to invest in dormitories and serviced apartments to be built on land owned by Thammasat University's Rangsit campus. The fund would lease the property from Thammasat for 30 years after construction of the facilities was complete.
The SEC faulted Mr Maris and ING for authorising payments to the lessor and building contractor without seeking approval from unitholders, as well as for approving payments to the contractor prior to the registration of the lease or completion of the buildings.
Mr Maris said the serviced apartments and dormitory were expected to be completed in November.
He added that for ING, future property funds would be established only for fully completed projects, rather than launched as pre-financing for construction.
For the TU-PF Fund, Mr Maris insisted that the basic investment remained sound, as demand for living quarters at the Thammasat campus would increase steadily.
Rents in the area now stand at 10,000 baht per unit, compared with projections of 7,500 baht when the fund was established. ING estimates that the TU-PF fund should generate annual returns of upwards of 12% over the 30-year lease.
The fund's lease area covers more than 12 rai near the Thammasat Rangsit campus and includes a 12-storey serviced apartment building, parking facilities and three 10-storey dormitory buildings already opened for use. The area also includes a "lifestyle shopping centre"with 15,000 square metres of retail space and parking for more than 400 vehicles.
Nitima Kiatwateeratana, managing director of CIEN Co, the marketing manager of the shopping complex, projected occupancy of 60% by 2010, with 10%growth per year afterwards.
Rental rates at the shopping centre range from 400 to 600 baht per square metre per month, with rates projected to rise by 5% per year.
TU-PF units last traded on the SET on Aug 25, when they closed at 9.40 baht.
Sunday, September 20, 2009
RIVAL PENSION SAVINGS SCHEMES FOR THE POOR
Two new national pension schemes aimed mostly at the poor are being discussed. But the Office of the Social Security Fund says the government has not paid its contribution of about Bt21 billion to that fund.
Somchai Sujjapongse, director general of the Fiscal Policy Office, said yesterday the Finance Ministry planned to submit a national pension bill to the Cabinet for approval after the ministry completes public hearings, which should happen by the end of this month.
The new fund would be designed to provide financial support for people excluded from the existing government pension system. Most are poor and farmers, estimated to be about 24 to 25 million in number, Somchai said at the first public hearing on the issue yesterday. The government plans to establish the fund next year and expects to welcome members on a voluntary basis by the middle of next year, Somchai said.
Eligible members would be those working in the informal sector and aged between 20 to 60 years. The minimum contribution to the fund would be Bt100 per month and the maximum Bt1,000. The government would contribute Bt50 for people from 20 to 29 years old, Bt80 for those 30 to 49 years old and Bt100 for those 50 years and up. After a member turned 60 years, he or she saving Bt100 monthly would receive a pension worth about Bt2,000 per month.
In response to a ministry survey, most people said they could contribute up to Bt800 a month to the fund. Somchai estimates that the government may need to pay Bt25 billion in the first year and the fund size may be Bt50 billion.
The National Economic and Social Advisory Council (NESAC) is proposing a different version of the same idea, called the "National Savings Fund for Population Ages", which would require the government to contribute only 10 per cent of each member's account.
Manochai Sudjit, a member of the research team that conducted the study for NESAC, said the government might face budget constraints if it chose the Finance Ministry's proposal.
A high contribution from the government might also encourage people to abandon their community savings scheme to join the national pension fund. The community savings scheme should be preserved, Manochai said at separate seminar hosted by the NESAC. He also said that the ages of eligible member should be lowered to 16 years old.
Somchai Sujjapongse, director general of the Fiscal Policy Office, said yesterday the Finance Ministry planned to submit a national pension bill to the Cabinet for approval after the ministry completes public hearings, which should happen by the end of this month.
The new fund would be designed to provide financial support for people excluded from the existing government pension system. Most are poor and farmers, estimated to be about 24 to 25 million in number, Somchai said at the first public hearing on the issue yesterday. The government plans to establish the fund next year and expects to welcome members on a voluntary basis by the middle of next year, Somchai said.
Eligible members would be those working in the informal sector and aged between 20 to 60 years. The minimum contribution to the fund would be Bt100 per month and the maximum Bt1,000. The government would contribute Bt50 for people from 20 to 29 years old, Bt80 for those 30 to 49 years old and Bt100 for those 50 years and up. After a member turned 60 years, he or she saving Bt100 monthly would receive a pension worth about Bt2,000 per month.
In response to a ministry survey, most people said they could contribute up to Bt800 a month to the fund. Somchai estimates that the government may need to pay Bt25 billion in the first year and the fund size may be Bt50 billion.
The National Economic and Social Advisory Council (NESAC) is proposing a different version of the same idea, called the "National Savings Fund for Population Ages", which would require the government to contribute only 10 per cent of each member's account.
Manochai Sudjit, a member of the research team that conducted the study for NESAC, said the government might face budget constraints if it chose the Finance Ministry's proposal.
A high contribution from the government might also encourage people to abandon their community savings scheme to join the national pension fund. The community savings scheme should be preserved, Manochai said at separate seminar hosted by the NESAC. He also said that the ages of eligible member should be lowered to 16 years old.
FUNDS EASING BACK INTO CHINA
Fund managers recommend investors to gradually invest in China's stock market after its key index has fallen more than 20 per cent since August.
A fund manager from TMB Asset Management who asked not to be named said the movement of the Shanghai Composite Index, which is widely used by fund managers as a benchmark in China's equity market, has been very volatile over the past few months. The market return has fallen more than 20 per cent from the yeartodate return of 87 per cent earlier to 68 per cent as of yesterday.
"China's stock market is in its correction period after it surged hugely during the first seven months of the year. That made its stock prices stay above the fundamental level. There was profittaking for all of August," he said.
He added that TMB Asset Management has recommended its customers to gradually sell shares in China as the market has rallied significantly.
However, the recent correction was partly due to capital outflow into the US stock market as investors believe all the negative news has already been absorbed, while US stocks are not so expensive.
But after the US stocks rallied and started to be too expensive, capital flows would start to go back to China again. China's GDP growth this year is expected to be around 8 per cent, while some economists forecast the Mainland GDP growth will reach 10 per cent or double digits next year.
A senior government researcher was quoted by Bloomberg as saying that China's economic growth may quicken to 10 per cent or more in the fourth quarter because of stimulus spending and a recovery in exports, said Chen Dongqi.
"Economic growth may accelerate from the third quarter until the first quarter," Chen, a researcher at the country's top planning agency, the National Development and Reform Commission, said at a conference in Shanghai yesterday. He sees "doubledigit growth because of the stimulus plan, recovering exports and domestic consumption."
The world's thirdbiggest economy will expand 9.9 percent in the fourth quarter from a year earlier and 10 percent in the first three months of 2010 as the recovery strengthens, according to a Bloomberg News survey of economists last month. Premier Wen Jiabao said last Friday that China "cannot and will not" pull back from stimulus measures.
The fund manager also added that investors should start gradually investing in the China market to diversify investment risk. After the correction, there will be a chance to generate return.
Another fund manager, from Primavest Asset Management, said the correction in the China market was a good opportunity to invest, but investors are strongly recommended to diversify their investments rather than putting all their money into China. The mainland, he said, still needs economic drive from the world economy.
In addition, there is also risk that China's performance could affect the market
The investment should also be gradual. In a 100 per-cent investment portfolio, 5-10 per cent should be allocated to China. As of July, most funds investing in China generated satisfactory returns. The return of the TMB China Equity Index Fund was at 85.08 per cent, while Tisco China India Dividend Fund generated 56.49 per cent. Tisco China India Retirement Fund got 52.32 per cent, while UOB Smart Greater China recorded 43.11 per cent of return. Manulife Strength-Emering Eastern Europe FIF got 43.25 per cent of return. Also as of July, funds that invest in Asia focusing in China also record good return.
PrimaVest-AllianzGI BRIC Stars recorded 58.79 per cent of return, while MFC Invest Asian Equity recorded 58.22 per cent. SCB Asian Emerging Markets Open End could generate 62.12 per cent, while ING Thai BRIC 40 Fund got 39.04 per cent of return, while Asset Plus BRIC got 39.84 per cent. Aberdeen Asia Pacific Equity recorded 43.19 per cent of return, ING Thai All Asia Equity Fund got 13.36 per cent of return.
A fund manager from TMB Asset Management who asked not to be named said the movement of the Shanghai Composite Index, which is widely used by fund managers as a benchmark in China's equity market, has been very volatile over the past few months. The market return has fallen more than 20 per cent from the yeartodate return of 87 per cent earlier to 68 per cent as of yesterday.
"China's stock market is in its correction period after it surged hugely during the first seven months of the year. That made its stock prices stay above the fundamental level. There was profittaking for all of August," he said.
He added that TMB Asset Management has recommended its customers to gradually sell shares in China as the market has rallied significantly.
However, the recent correction was partly due to capital outflow into the US stock market as investors believe all the negative news has already been absorbed, while US stocks are not so expensive.
But after the US stocks rallied and started to be too expensive, capital flows would start to go back to China again. China's GDP growth this year is expected to be around 8 per cent, while some economists forecast the Mainland GDP growth will reach 10 per cent or double digits next year.
A senior government researcher was quoted by Bloomberg as saying that China's economic growth may quicken to 10 per cent or more in the fourth quarter because of stimulus spending and a recovery in exports, said Chen Dongqi.
"Economic growth may accelerate from the third quarter until the first quarter," Chen, a researcher at the country's top planning agency, the National Development and Reform Commission, said at a conference in Shanghai yesterday. He sees "doubledigit growth because of the stimulus plan, recovering exports and domestic consumption."
The world's thirdbiggest economy will expand 9.9 percent in the fourth quarter from a year earlier and 10 percent in the first three months of 2010 as the recovery strengthens, according to a Bloomberg News survey of economists last month. Premier Wen Jiabao said last Friday that China "cannot and will not" pull back from stimulus measures.
The fund manager also added that investors should start gradually investing in the China market to diversify investment risk. After the correction, there will be a chance to generate return.
Another fund manager, from Primavest Asset Management, said the correction in the China market was a good opportunity to invest, but investors are strongly recommended to diversify their investments rather than putting all their money into China. The mainland, he said, still needs economic drive from the world economy.
In addition, there is also risk that China's performance could affect the market
The investment should also be gradual. In a 100 per-cent investment portfolio, 5-10 per cent should be allocated to China. As of July, most funds investing in China generated satisfactory returns. The return of the TMB China Equity Index Fund was at 85.08 per cent, while Tisco China India Dividend Fund generated 56.49 per cent. Tisco China India Retirement Fund got 52.32 per cent, while UOB Smart Greater China recorded 43.11 per cent of return. Manulife Strength-Emering Eastern Europe FIF got 43.25 per cent of return. Also as of July, funds that invest in Asia focusing in China also record good return.
PrimaVest-AllianzGI BRIC Stars recorded 58.79 per cent of return, while MFC Invest Asian Equity recorded 58.22 per cent. SCB Asian Emerging Markets Open End could generate 62.12 per cent, while ING Thai BRIC 40 Fund got 39.04 per cent of return, while Asset Plus BRIC got 39.84 per cent. Aberdeen Asia Pacific Equity recorded 43.19 per cent of return, ING Thai All Asia Equity Fund got 13.36 per cent of return.
Temasek profit tumbles
The Singapore state investment firm Temasek Holdings said yesterday that its net profit plunged 67%to S$6 billion (US$4.25 billion) in the year to March.
Net profit fell from the record $18 billion achieved in the financial year ending March 2008 as a result of the global financial crisis.
The value of its worldwide investment portfolio also fell 30% to $130 billion as of end-March from $185 billion the previous financial year.
Temasek chief executive Ho Ching said at a news conference the firm was building up liquidity to prepare for a possible downturn.
"However, we did not anticipate the speed and ferocity of the worst financial crisis since the Great Depression," said Ho, wife of Singapore Prime Minister Lee Hsien Loong.
"Looking ahead, we believe the worst of the global meltdown risks are behind us. While there are some 'green shoots'of growth, some structural risks still remain for the medium term."
Chairman S. Dhanabalan said in the company's annual report that the profit drop "reflected the generally weaker operating performances of our portfolio companies as well as realised gains and losses from our divestments during the year."
Temasek's investments were hammered by the financial and economic crisis that led global markets to plummet in the second half of last year.
Some of its losses came from investments in Western financial companies that were in need of a capital injection as the economic crisis unfolded following the collapse of US investment bank Lehman Brothers.
It took a stake in the Wall Street icon Merrill Lynch but when the US firm was bought by Bank of America, Temasek divested its interest. It also bought into British lender Barclays but later also offloaded that stake.
It is estimated Temasek lost more than US$5.4 billion from the sale of its holdings in the two lenders, according to sources quoted by Dow Jones Newswires.
Temasek made its divestments just as markets began to recover earlier this year.
In July, the company rescinded the appointment of US businessman Charles Goodyear as its new chief executive due to differences over strategy.
Goodyear would have been the first foreigner to run the once-secretive sovereign wealth fund and his appointment just a few months ago was hailed as part of an effort to transform Temasek into a truly global enterprise.
Ho, a former civil servant who ran state-linked firms, will stay on as CEO and executive director of the firm, which manages a global portfolio invested in a range of sectors including airlines, resources and consumer products.
Net profit fell from the record $18 billion achieved in the financial year ending March 2008 as a result of the global financial crisis.
The value of its worldwide investment portfolio also fell 30% to $130 billion as of end-March from $185 billion the previous financial year.
Temasek chief executive Ho Ching said at a news conference the firm was building up liquidity to prepare for a possible downturn.
"However, we did not anticipate the speed and ferocity of the worst financial crisis since the Great Depression," said Ho, wife of Singapore Prime Minister Lee Hsien Loong.
"Looking ahead, we believe the worst of the global meltdown risks are behind us. While there are some 'green shoots'of growth, some structural risks still remain for the medium term."
Chairman S. Dhanabalan said in the company's annual report that the profit drop "reflected the generally weaker operating performances of our portfolio companies as well as realised gains and losses from our divestments during the year."
Temasek's investments were hammered by the financial and economic crisis that led global markets to plummet in the second half of last year.
Some of its losses came from investments in Western financial companies that were in need of a capital injection as the economic crisis unfolded following the collapse of US investment bank Lehman Brothers.
It took a stake in the Wall Street icon Merrill Lynch but when the US firm was bought by Bank of America, Temasek divested its interest. It also bought into British lender Barclays but later also offloaded that stake.
It is estimated Temasek lost more than US$5.4 billion from the sale of its holdings in the two lenders, according to sources quoted by Dow Jones Newswires.
Temasek made its divestments just as markets began to recover earlier this year.
In July, the company rescinded the appointment of US businessman Charles Goodyear as its new chief executive due to differences over strategy.
Goodyear would have been the first foreigner to run the once-secretive sovereign wealth fund and his appointment just a few months ago was hailed as part of an effort to transform Temasek into a truly global enterprise.
Ho, a former civil servant who ran state-linked firms, will stay on as CEO and executive director of the firm, which manages a global portfolio invested in a range of sectors including airlines, resources and consumer products.
Friday, September 18, 2009
PUBLIC HEARING, HOUSE DEBATE AWAIT NEW PENSION SCHEME
The National Pension Fund, the country's new savings vehicle for workers not covered by the Social Security Fund and Government Pension Fund, would need to overcome several challenges before it could be implemented as planned early next year, Kasikorn Research Centre said recently.
After the Finance Ministry approved the draft of the National Pension Fund bill last month, the bill would be discussed at a public hearing tomorrow before being submitted to Parliament for deliberation.
The NPF is designed to provide welfare support and retirement funds for workers who are ineligible to join the GPF and SSF. They number 24 million25 million, representing about 70 per cent of total labour force. The new fund would also support public savings.
According to KResearch, the NPF faces several hurdles. First, whether the membership would be large enough. Regarding the government's estimate, if these informal workers subscribe in the first year of the fund, the initial fund size would be Bt40 billionBt50 billion.
Participation would be voluntary with a minimum contribution of Bt100 a month plus optional contributions of Bt100-Bt1,000. The government also would have the obligation to support the NPF with about Bt20 billion per year.
However, if there are too few members due to a lack of interest or lack of understanding about the benefits they would get from the fund, the size and growth of the fund would be small.
They might not have regular income, so they might not contribute in some months. The authorities should prepare some clear guidelines about compromising on the contribution continuity of members, the research house said.
The NPF is likely to set certain investment policies such as choosing lowrisk assets to ensure that members would get their benefits and also guarantee the contribution from the government.
This must also include a minimum return, which should be no less than oneyear deposit rates, or 0.651.0 per cent as of September 7, according to the average rates of four large banks.
Another concern is the criteria that the NPF would use to select the asset management companies to manage its investments. The NPF's investment policy committee would likely consider each fund manager's track record in operating results. Their management fees and charges for other services would also be considered.
Thus, the number of asset management firms working for the NPF would be fixed for competition and comparison among them as to which would benefit the members the most.
After the Finance Ministry approved the draft of the National Pension Fund bill last month, the bill would be discussed at a public hearing tomorrow before being submitted to Parliament for deliberation.
The NPF is designed to provide welfare support and retirement funds for workers who are ineligible to join the GPF and SSF. They number 24 million25 million, representing about 70 per cent of total labour force. The new fund would also support public savings.
According to KResearch, the NPF faces several hurdles. First, whether the membership would be large enough. Regarding the government's estimate, if these informal workers subscribe in the first year of the fund, the initial fund size would be Bt40 billionBt50 billion.
Participation would be voluntary with a minimum contribution of Bt100 a month plus optional contributions of Bt100-Bt1,000. The government also would have the obligation to support the NPF with about Bt20 billion per year.
However, if there are too few members due to a lack of interest or lack of understanding about the benefits they would get from the fund, the size and growth of the fund would be small.
They might not have regular income, so they might not contribute in some months. The authorities should prepare some clear guidelines about compromising on the contribution continuity of members, the research house said.
The NPF is likely to set certain investment policies such as choosing lowrisk assets to ensure that members would get their benefits and also guarantee the contribution from the government.
This must also include a minimum return, which should be no less than oneyear deposit rates, or 0.651.0 per cent as of September 7, according to the average rates of four large banks.
Another concern is the criteria that the NPF would use to select the asset management companies to manage its investments. The NPF's investment policy committee would likely consider each fund manager's track record in operating results. Their management fees and charges for other services would also be considered.
Thus, the number of asset management firms working for the NPF would be fixed for competition and comparison among them as to which would benefit the members the most.
SocGen staff quit to set up hedge fund
Thirty senior bankers from Societe Generale have left to set up their own hedge fund business, amid growing pressure on French banks to curb bonuses for top staff, a report said yesterday.
The team, including the head of the bank's global hedge funds business and several of his most senior colleagues, have left in a move backed by an American equity firm, the Financial Times said.
The new hedge fund venture will be called Nexar Capital and will be based in Paris with an office in New York, the newspaper said, citing unnamed sources. Nexar aims to raise US$10 billion (Bt336.9 billion) in assets under management, excluding acquisitions, within five years.
French President Nicolas Sarkozy has taken a tough line on cracking down on bonuses for bankers, blamed in part for the global financial crisis. Officials have warned that Sarkozy was ready to walk out of next week's G-20 summit if there is no progress on curbing bonuses.
France's two largest investment banks, Societe Generale and BNP Paribas, have pledged to act on pay outs, but some in the financial sector have warned that curtailing bonuses will deter firms from hiring and keeping top staff.
The team, including the head of the bank's global hedge funds business and several of his most senior colleagues, have left in a move backed by an American equity firm, the Financial Times said.
The new hedge fund venture will be called Nexar Capital and will be based in Paris with an office in New York, the newspaper said, citing unnamed sources. Nexar aims to raise US$10 billion (Bt336.9 billion) in assets under management, excluding acquisitions, within five years.
French President Nicolas Sarkozy has taken a tough line on cracking down on bonuses for bankers, blamed in part for the global financial crisis. Officials have warned that Sarkozy was ready to walk out of next week's G-20 summit if there is no progress on curbing bonuses.
France's two largest investment banks, Societe Generale and BNP Paribas, have pledged to act on pay outs, but some in the financial sector have warned that curtailing bonuses will deter firms from hiring and keeping top staff.
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