View more on these topics

Old Bailey case to find facts on Young

The Serious Fraud Office began a two-week “trial of the facts” on the case of former Morgan Grenfell fund manager Peter Young this week.

The case, which is taking place at the Old Bailey in London, will look to ascertain whether Young is culpable for a £220m fraud at the firm in 1996.

No verdict will be passed on the charge of conspiracy to defraud and five charges of breaching the Financial Services Act, after Young was found unfit to stand trial at a Southwark court hearing last December.

Young, who managed Morgan Grenfell&#39s European and European growth funds in the early 1990s, now dresses as a woman and prefers to be known as Beth.

The trial of the facts, which is usually reserved for use in murder cases where the defendant pleads insanity, will simply look to determine whether Young carried out the alleged actions.

The judge, the Honourable Mr Justice Jackson, has enforced a reporting ban on the case ahead of the criminal case against Young&#39s former colleague Stuart Armer and former stockbroker Erik Langaker, which is due to start on September 17.

A spokesman for the SFO said the trial against Armer and Langaker is estimated to last six months.

Recommended

Isis launches UK fund

Isis, the retail investment brand of Friends Ivory & Sime has launched the UK Dynamic Fund, which aims to invest in a concentrated portfolio of around 40 UK equities.The fund will be managed by Rodger McNair supported by Richard Bell. The two will back their stock ideas in the UK market irrespective of the index […]

insureyourmortgage targets worried homeowners

Worried homeowners are being targeted by online service insureyourmortgage.co.uk.An offshoot of Goodfellows, insureyourmortgage.co.uk offers a mortgage payment protection plan for people concerned about falling ill or being made unemployed and so being unable to pay for their mortgage.Cover is offered to all homeowners aged between 16 and 64, as long as they have been working […]

SMA protector falls in line

Scottish Mutual Assurance has widened investment choice for clients who have its individual pensions with the introduction of the protector fund.This unit-linked fund invests mainly in UK government and corporate bonds. It will also invest in equity-linked deposits, which track the FTSE 100 index over a five-year term.The fund aims to provide a return which […]

Out side edge

Can encouraging the open market option achieve the FSA&#39s objective? Yes but not as expected. The recent decision by the FSA and the ABI to encourage the Omo in the annuity market is a welcome move. Much of the recent debate surrounding annuities has focused on the options for investment choice relevant for those with […]

NATIXIS PORTFOLIO CLARITY – UK Portfolio Barometer

Natixis Global Asset Management’s quarterly Portfolio Barometer offers insights into UK financial advisers’ model portfolios and the allocation decisions they are making. Natixis’s Portfolio Research & Consulting Group works with financial advisers and other intermediaries to analyse and enhance their model portfolios and help them develop investor portfolios suited to today’s complex markets. The Portfolio […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com