The Times has an interesting story about goings on in the corridors of power over at Deutsche Bank.
The story goes that Deutsche Asset Management has lost £3bn in UK investment management mandates over the last few months and didn't particularly want to publicize that fact. But someone on the inside is thought to have leaked the information and the hunt is apparently now on for the 'mole'.
A Deutsche spokesman is quoted by the newspaper, confirming that 'we will be engaged in some form of investigation to identify the source of the leak'. It is thought that the investigation may include an examination of staff e-mails in an attempt to uncover the mole. Quite what will happen to him or her in the event that he or she is uncovered remains to be seen. But staff, it is said, are not the only suspects. Deutsche's investigation is also likely to include taking a look at the outside consultants who help the firm's pension fund trustees. These consultants, it seems, would also have had access to the sensitive information that has now found its way out into the public domain.
And while on the subject of asset management or mutual funds, New York state Attorney General Eliot Spitzer has been spouting off again. Not content with scaring the living daylights out of the industry with his mutual funds trading probe, he says that he's still after those who were responsible. He is said to have pontificated at a recent conference that 'I don't think we have put enough people in jail yet. I can tell you with absolute certainty - there are other major cases coming'.