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The common bond of feeling falsely accused

While Horlick’s problems were perhaps the most widely documented of the SocGen team, Keith Percy and John Richards also had their own difficulties.

Nicola Horlick first heard the expression the A-team applied to SGAM in 1997 when she was interviewing a fund manager for a prospective job in her fledgling company.

"I asked why he wanted to join here and he said, 'I view you as a bit like the A-team. You've all been accused of things you didn't do.' Which is quite clever and quite right.

That's exactly the point. We'd all been accused of things we didn't do," she says.

While Horlick's problems were perhaps the most widely documented of the SocGen team, Keith Percy and John Richards also had their own difficulties.

Until September 1996 Percy's record in fund management was unrivalled. Asked by Phillips&Drew to establish its new fund management arm in 1982 he took it from £3 billion to £17 billion in assets under management eight years later.

He then moved on to the new challenge of turning round Morgan Grenfell which he did, aided by Horlick. By the time the Peter Young affair blew up it was challenging the UK's big four houses. A lot of his clients were very upset by his subsequent departure and goodwill remained strong towards him throughout his two-year battle with Imro, the fund management regulator, which was eventually settled.

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