Hard underwriting of new share issues is as dated in the City of London as red braces and mobile telephones the size of briefcases. So Lehman Brothers’ decision last month to take a 4.99% stake in BlueBay Asset Management ahead of its £571 million flotation was both an echo of the past and a manifestation of a current trend. Investment banks are in love with hedge funds.
Lehman is following a trail blazed by Morgan Stanley.
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