Body Of Boss Of World's Largest Sovereign Wealth Fund Found

The BBC reports that the body of Sheikh Ahmed bin Zayd al-Nahayan, the man who ran Abu Dhabi's sovereign wealth fund (thought to be the largest in the world, with assets of around $500bn) was found in a lake south of Rabat, Morocco, Tuesday, after a four day search. His gilder aircraft went missing last week.

Sheikh Ahmed, 40, was the younger brother of Abu Dhabi's ruler. The Spanish pilot of the gilder survived the crash and was quickly rescued. He is currently in a stable condition in hospital.

In the meantime, The Daily Telegraph reports that Gartmore has suspended Guillaume Rambourg, one of its star fund managers over 'breaches of internal procedures regarding directing trades'. The firm has denied that the fund manager's suspension is anything to do with last week's arrest of 7 people in London in connection with an insider trading probe.

Rambourg, 38, and colleague Roger Guy are said to control around 20% of the firm's $31.6bn in assets between them, and are thought to be responsible for 40% of Gartmore's revenues. The firm's shares have fallen by around a third in the last few days trading in London.

And Reuters reports that a Manhattan judge has kicked out a shareholder lawsuit which claimed that current and former AIG executives were asleep at the wheel and ignored red flags that the firm was heading for a fall.

The lawsuit accused the executives of ignoring the potential losses from exposure to credit default swaps, and claimed that bosses were guilty of wasting money by engaging in an expensive stock buyback program in 2008, and paying out too much comp to CEO Bob Willumstad, and severance to his predecessor Martin Sullivan.

Finally, The Wall Street Journal reports that Lehman Brothers Holdings has said in a US regulatory filing that it expects the $800bn in claims filed by creditors to eventually be cut to $605bn, due to 'clear errors, duplications and non-controversial corrections'.

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