Asset managers Let’s play asset swaps

The stolid world of fund management is suddenly abuzz with takeover activity. In the last month, Deutsche Bank has sold its British fund unit – the old Morgan Grenfell Asset Management – while Citigroup has got out of the business altogether. And last week, Amvescap, the London-listed fund manager, appointed a new chief executive to help see off an unsolicited break-up bid approach from a Canadian rival. It’s not hard to see why the industry is restructuring. The rise of the hedge funds has squ...