The Sunday Times reports that Lehman Brothers is mulling over a bid for UK fund manager Gartmore. Gartmore, which has £45bn in assets, is said to be in play. The firm's US owner, Nationwide, is also thought to be exploring the idea of an IPO for the unit.
Deutsche Bank's Scudder Funds unit is said likely to be in for a name change. The Wall Street Journal quotes an unnamed 'source close to the matter', who said that the firm is up for a makeover. The source said that 'I think it's a whole host of things, and I think the Scudder name will disappear. Performance has been weak, and the Scudder name doesn't have any panache in the marketplace'.
Merrill Lynch's funds may also be in for a name change. The firm is said to be mulling over dropping its name from mutual funds and other retail money-management products, in order to encourage rival brokers to begin selling them.
Meanwhile UBS's private banking unit looks set to lose a valued client. According to The Sunday Telegraph, Scottish entrepreneur Sir Tom Hunter plans to pull £100m invested with the bank as soon as he is able to, after falling out with UBS executive Jon Wood. Wood is a party to a personal lawsuit against Sir Tom, in connection with their joint dealings in The Gadget Shop.
Finally, star hedge fund trader, Philippe Jabre, is said to be going on a leave of absence from GLG Partners, as he prepares to fight off a Financial Services Authority (FSA) trading probe. The FSA is said to have been probing 3 trades in convertible bonds to establish whether Jabre, 45, improperly used non-public information for the benefit of the fund.
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