Peter Young Dismissed Improper Trading Investigated

Fund Manager Dismissed By Morgan Grenfell

Published: September 19, 1996
Morgan Grenfell Asset Management said yesterday that it had dismissed a fund manager, Peter Young, for ''gross misconduct'' amid an investigation into improper trading in three mutual funds. Mr. Young, 38, was suspended after the company, a subsidiary of Deutsche Bank A.G., froze trading in three funds two weeks ago because of questions about the value of certain unlisted securities.

Mr. Young ran two of the funds: the MG European Capital Growth Fund and the MG European Growth Trust. Stewart Armer, the manager of the third fund, the MG Europa Fund, was suspended with Mr. Young. Mr. Armer has not been dismissed. Britain's Investment Management Regulatory Organization is investigating Mr. Young and the funds, and the Serious Fraud Office is also following