Don’t look now, but Lehman Brothers’ asset management unit may be resurrected on May 1 as a new company.

Alvarez and Marsal, the restructuring firm handling the bankrupt Wall Street firm’s liquidation, has proposed launching Lamco Holdings, a Lehman subsidiary, as a new for-profit asset manager that would oversee the $30 billion in assets still held by Lehman, Bloomberg reported on Wednesday.

Lamco would manage Lehman’s assets at cost, while managing third-party assets for a fee.

Lehman says it has invested $55 million in infrastructure development and has joined forces with a unit of Citadel Investment Group for technology and administrative services, according to the report.

The plan is subject to court approval.

Lehman filed for bankruptcy on 15 September 2008 in what was the largest bankruptcy in US history, with a listing of $639 billion in assets.