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Bear Stearns Seeking Sovereign Wealth Funding, Telegraph Says

By Nicholas Larkin

March 15 (Bloomberg) -- Bear Stearns Cos. is seeking long- term funding from a number of sovereign wealth funds in a bid to stay in business, the Daily Telegraph reported.

Lazard Ltd.'s Deputy Chairman Gary Parr is working with Bear Stearn's Chief Executive Officer Alan Schwartz to identify potential investors following yesterday's bailout by the Federal Reserve and JPMorgan Chase & Co., the newspaper reported today. Lazard confirmed it's advising the bank, though declined further comment, the Telegraph said.

Lazard is also approaching rival banks to sell all or part of Bear Stearns, the newspaper reported, without saying where it got the information. A full trade-sale is unlikely, though there may be interest for parts of the business such as the derivatives book, the Telegraph said, citing an unnamed senior banker with knowledge of the situation.

To contact the reporter on this story: Nicholas Larkin in London at [e-mail]

Last Updated: March 15, 2008 10:02 EDT

http://www.bloomberg.com/apps/news?pid=20601087&sid=axZQctA6eHb0&refer=home