If CADE disapproves of the operation, it could impose restrictions such as asset sales.

FORBES: Who Benefits from Brasil Foods Breakup?

Mr Mack has already noted Citigroup's recent swap of its asset-management arm for Legg Mason's brokerage operation.

ECONOMIST: Morgan Stanley

Citigroup and Legg Mason are said to be discussing a swap of the latter's broking operation for most of the former's asset-management business, because having the two compromises brokers' duty to their clients.

ECONOMIST: American securities regulation

The new brains behind the operation at USAA Emerging Markets are the fund managers at Lazard Asset Management, Brandes Investment Partners and Victory Capital Management.

FORBES: USAA Takes New Shot At Emerging Markets

Expectations are that with a new asset-purchasing program, the Fed will match the size and pace of Operation Twist, but that Treasury purchases will be spread across the yield curve, said Nomura.

FORBES: FOCUS: Fed Likely To Increase Balance Sheet Funding At FOMC Meeting; Supportive To Gold

Odey Asset Management, another hedge-fund titan, says it is in the process of establishing a Swiss operation in order to give itself some options, although it is unlikely that the whole operation would leave Britain.

ECONOMIST: London risks losing its global appeal