If you are running an asset management business, probably about the worst thing that can happen to you is finding out your star fund manager has been fiddling his performance figures.
That happened 15 years ago next month, when what became known as the Peter Young affair blew up. For those not around the industry that long ago, Peter Young was the star European equities manager of his generation, turning out stellar performance with the Morgan Grenfell European Growth fund from a portfolio of European and UK stocks. Europe was very much the international sector favoured by UK investors at the time, and Morgan Grenfell was a power house of the industry. Unfortunately it turned out Young’s performance had been achieved by breaking the unit trust investment rules. ...
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