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MFMarketNews Weekly Web Flash

Didn't log on to last week? Here are some Web exclusives you missed:

* In a final round of bidding for the acquisition of Zurich Scudder, Deutsche Bank has emerged as the frontrunner in the negotiations, which involve two other financial companies, according to a source close to the matter. A deal is expected by mid-September. The other bidders include INVESCO, and First Union Bank.

* Turner Investment Partners has launched a new hedge fund unit, called Ascendant Capital Partners, and named Gary Shugrue as its chief investment officer, the company announced. Shugrue will run the new business with Turner chief operating officer, John Grady. The new firm will be operated separately from Turner and will not use Turner portfolio managers, according to Shugrue.

* Fixed income giant PIMCO announced that it is attaching retail share classes to one of its institutional mortgage bond funds. The GNMA Fund will include A, B, C and D shares, making it the second PIMCO mortgage-based fund available to retail investors.

* Causeway Capital Management, the Los Angeles-based firm launched in June by three former Merrill Lynch portfolio managers, is planning to offer its first mutual fund. The company will launch the Causeway International Value Fund by the end the year, according to company regulatory filings.

* In June, Sarah Ketterer, Harry Hartford and James Doyle left Mercury Asset Management Advisors, formerly known as Hotchkis & Wiley, a small asset manager acquired by Merrill Lynch in 1996, to start Causeway.

* PBHG Funds is leveraging its parent company to develop five clones of funds offered through Old Mutual affiliate United Asset Management, according to company regulatory filings.