PAWNS IN THE GAME

Chess grandmaster Garry Kasparov had some words of investment advice for managers at the Fund Forum lured by the charms of Moscow: "If you want to invest in KGB Incorporated, you should remember that they are very active managers. State profits are privatised, while private expenses are nationalised."

Responding to a question about Russia's rapidly growing emerging economy, Kasparov - who has been been in jail for protests against the current regime - said: "One of the nice things that I can say about Putin is that he is a good magician. He has created a bunch of illusions that would make David Copperfield look like an amateur."

And the key, he said, to surviving the credit crisis is to be adaptable: "You can't outrun the bear market, but you can outrun the other investors."