The calculation of investors' losses began as the wife of Peter Young, the star fund manager at the heart of the affair, spoke for the first time about the strain her husband had been under at Morgan Grenfell Asset Management. He has been under pressure for the last 18 months and pressures at work have become too much, said Harmanna Young. Colleagues at Morgan Grenfell most certainly thought he had eccentric behaviour. Michael Dobson, the chief executive of Deutsche Morgan Grenfell, MGAM's parent company, said there was no evidence that Young, whom it had referred to a doctor, acted for personal gain.
The Serious Fraud Office said on Friday that it was not investigating the case. Young said: I certainly think that over-enthusiasm is a more appropriate description than dishonesty. I do not think my husband is dishonest in any way.
But Morgan Grenfell and regulators are checking links between Young and a company called Russ Oil & Trading, which were both named as defendants in an injunction taken out this week. They are also inquiring into the personal banking arrangements that Young, who recently acquired a new