High 危険 and natural style

By Paul Armstrong
Updated: 00:00 BST, 23 November 2001

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THE Unilever Superannuation 基金 開始する，打ち上げるd its High 法廷，裁判所 控訴 against 水銀柱，温度計 資産 管理／経営, Britain's largest 基金 経営者／支配人, now owned by Merrill Lynch, 主張するing 怠慢，過失 and （人命などを）奪う，主張するing 損害賠償金 of £100m (now £130m) two years ago. Unilever had already 解雇（する）d MAM 18 months earlier for underperforming an agreed （判断の）基準 by 10.5%.

At the heart of the 事例／患者 is the 未来 of the active 基金 管理／経営 産業. This is where 基金 経営者／支配人s use their knowledge and instincts to try to outperform 基金s that 簡単に 跡をつける indices or （判断の）基準s. Active 管理／経営 can produce much greater returns but also carries greater 危険s.

If Unilever 勝利，勝つs, active 基金 経営者／支配人s will almost certainly be 軍隊d to put up their 告発（する），告訴（する）／料金s to 保護する themselves against 類似の 未来 litigation.

IT IS often the way in the workplace. You do not realise how many friends you have until you leave. It is a pretty 安全な bet that is what Alistair Lennard is thinking. The former 基金 経営者／支配人 at 水銀柱，温度計 資産 基金 管理／経営 saw his old mates, or maybe they were new ones, 決起大会／結集させる 一連の会議、交渉／完成する him in the High 法廷，裁判所 this week, telling Mr 司法（官） Colman the poor 業績／成果 of the Unilever 年金 基金 he ran was, 井戸／弁護士席, just one of those things.

Sure, the 基金 行方不明になるd the bull run in bank 在庫／株s in 1997 and took a hiding as a result of its 激しい 持つ／拘留するing of 産業の 株. But, によれば former 水銀柱，温度計 director John Richards, the high-危険 approach was just part of Lennard's 'natural style'.

Another former 水銀柱，温度計 基金 経営者／支配人, Paul Harwood, who watched his old pal 存在 取調べ／厳しく尋問するd in the 証言，証人／目撃する box, also 支援するd him up. Okay, so Harwood, unlike Lennard, said he would have thrown a few bank 在庫／株s into the 基金. He also did not 株 Lennard's seemingly insatiable appetite for the 所有物／資産／財産 部門.

But each to his own, Harwood said. Every 基金 経営者／支配人 does things 異なって. And anyway, Lennard's 投資s would have 証明するd wise if he had just been given a bit more time.

Harwood's 発言／述べるs 誘発するd Mr 司法（官） Colman to wade in with a few questions of his own. 'You keep 説 that at the end of the day value always 勝利，勝つs,' the 裁判官 発言／述べるd. 'It's good that, isn't it?' Harwood replied.

Much of this week's 反対尋問 焦点（を合わせる）d on the 対策 水銀柱，温度計 had in place to 監視する and 抑制する Lennard's 投資 戦略. Richards 定評のある on Monday that Lennard had not followed 水銀柱，温度計's in-house 推薦s when it （機の）カム to 部門 weightings. The 会社／堅い's 部門 戦略 group had advised, の中で other things, that 経営者／支配人s be underweight in bank 在庫／株s, but Lennard chose to have 非，不，無. However, Richards said these were only 推薦s and that 水銀柱，温度計 雇うd intelligent people, 許すing them 重要な freedom with their 投資s.

Sumption 示唆するd Lennard was either trying to （警官の）巡回区域，受持ち区域 the 業績／成果 的s or his 大臣の地位 was too high-危険 for the returns 要求するd under 水銀柱，温度計's 契約 with Unilever. Richards said neither was true. But on Tuesday, the 法廷，裁判所 was 供給するd with a copy of a 報告（する）／憶測 written by a member of 水銀柱，温度計's 内部の audit team. Ms Waits (we never learned her first 指名する) said the 会社／堅い had no formal 支配（する）／統制するs to 監視する 投資s and depended on 基金 経営者／支配人s to be reliable and 信頼できる. The more 上級の 基金 経営者／支配人s became, she said, the いっそう少なく 支配（する）／統制する conscious they were. 'This is worrying in itself,' Ms Waits wrote.

Richards told the 法廷，裁判所 on Wednesday that 水銀柱，温度計 considered the downside 業績／成果 threshold 治める／統治するing the 基金 was no more than a point at which Unilever would become 'uncomfortable' and begin asking questions. 水銀柱，温度計 was 要求するd to 避ける underperforming its （判断の）基準 by more than 3%. 'The 重要な 客観的な was still to outperform over the longer period,' he said.

Harwood 取って代わるd Richards on the stand, telling the 法廷，裁判所 that crit icism of Lennard's 大臣の地位 was 存在 made with hindsight. Harwood said some of the 株 he himself bought for the 基金 when he began running it in April 1997 had 成し遂げるd 貧しく and that maybe Lennard would not have 購入（する）d the same 在庫／株s.

Mind you, all 基金 経営者／支配人s are different.