BLUE Arrow, the employment agency group whose name hit the headlines

in the wave of City resignations, arrests and criticisms over the

handling of its big share issue in 1987, is renaming itself Manpower.

Ironically, this means it is taking on the name of the company whose

takeover by Blue Arrow was at the centre of the various problems which

led, among other things, to the resignation of Lord Boardman as chairman

of National Westminster Bank and the unseating of Tony Berry as Blue

Arrow's chairman.

Mr Berry was replaced as chairman by Mitchell Fromstein, original head

of Manpower before the takeover, who was fired by Mr Berry, but made a

comeback to unseat Mr Berry in a Blue Arrow boardroom coup.

Mr Fromstein, announcing the name change, said ''since Manpower Inc

represents over 75% of the company's revenues and profits and is the

multinational brand among the company's holdings, it is appropriate to

make this change.'' The City row over what became known as The Blue

Arrow Affair revolved round the handling of the company's huge share

issue made to finance the takeover of Manpower after the issue got

caught up in the Black Monday stock market crash of October 1987.

Ten former or current executives of County NatWest, merchant banking

arm of National Westminster Bank, face conspiracy to defraud charges

linked to the issue.

American investors, taking advantage of the big fall in the price of

Blue Arrow shares and backing Mr Fromstein, have built up sizeable

holdings in the company since the crash and City speculation now

suggests the company may even move its domicile back to the US, taking

it full circle.