The new chiefs of Wall Street giants Citi and Merrill are wasting no time heading back to sovereign wealth funds, with Merrill looking for up to $4 billion and Citi seeking as much as $10 billion, the Wall Street Journal reports. The last time around, they paid rates well above prime for the funds, so it should be interesting to see how often they can afford to tap these politically controversial liquidity pools.

With the U.S. mortgage markets having hammered its stock, Bear Stearns could certainly use a new business to boost its stature. And what could be better than the ever-enticing promise of Chinese wealth. Bear and T. Rowe Price Group are in talks to buy 10 percent of China’s biggest fund house, China Asset Management Co, wholly owned by China’s top broker CITIC Securities. Others are also looking at the stake. China’s mutual fund industry has a little over $400 billion in assets under management, but that is up from almost nothing half a decade ago. About 30 foreign firms, including HSBC and JPMorgan have set up fund management joint ventures in China, lured by $2 trillion of personal savings.

Shares in Swiss-based computer peripherals maker Logitech International rose over 12 percent amid speculation Microsoft would launch a takeover bid. Logitech’s largest shareholder and board member Daniel Borel said he had no reason to sell his stake and declined to comment on the Microsoft rumors. “I am a co-founder of Logitech. Would you be willing to sell your child?” Borel told Reuters.

Private equity firm Blackstone Group is acquiring GSO Capital Partners LP, a hedge fund firm that sold a stake to Merrill Lynch last May, and also said it would buy back $500 million of stock. GSO specializes in leveraged finance and manages about $10 billion of assets.