But Morgan Grenfell Asset management, the fund management arm of German banking giant Deutsche Bank AG, took some comfort from the fact that Tuesday's redemptions amounted to some 24 million pounds ($37.29 million), down from Monday's 39 million pounds.
But the new figure moved the total to just over 250 million pounds and ever nearer exhausting the 300 million pounds pile of cash the firm has in place to cover withdrawals following last week's temporary suspension of the funds. The suspension followed the disclosure that there had been irregularities in the way they have been run and led to two fund managers being suspended and a full-scale regulatory investigation being launched.
In Frankfurt, Deutsche shares closed 39 pfennigs lower at 71.50 marks, above earlier lows, with sentiment hit by news that the bank's precious triple-A credit rating was under examination by Moody's Investor Service, one of the most influential debt rating organisations in the market.
Banking analysts continued to cut their 1996 earnings forecasts for Deutsche with Konrad Becker at Merck, Finck pruning his estimate to 4.5 marks from 5.0 but maintaining his buy recommendation on the stock.