We've noted that London has been a hot destination for top banks. The issue is whether the bloom is off the rose. Wachovia is betting on continuing strength. Its Evergreen Investments asset management unit just announced a deal to purchase a majority stake in European Credit Management, a fixed-income investment firm based in London. Evergreen already runs $17 billion in assets and is focused on non-U.S. opportunities. This merely strengthens what's there, so it doesn't represent a major new foray. Still, the continued strength of European fixed-income is not a given. Hopefully, people will not second-guess the timing and valuation of this fill-in deal.

For more,
- here's an AP update