Former Morgan Fund Manager'S Home Raided

The SFO said it had searched Young's home in Amersham, to the west of London, on Friday evening in a joint raid with officers of the City of London police. The fraud office investigates and prosecutes major financial crimes in Britain.

An SFO spokeswoman said no one had been arrested but gave no further details of the raid. She said the investigation had been launched on September 26 after it was referred to the SFO by the Investment Management Regulatory Organisation (IMRO).

She said the aim of any SFO investigation at the beginning was to determine whether criminal offences had been committed.

 

Young could not be contacted by telephone but has said he is being made a scapegoat. His lawyers, Peters & Peters, were not immediately available for comment, although they have said there were no grounds for allegations of criminality.

Young, 38, was sacked last week on grounds of alleged gross misconduct following the discovery of irregularities in three Morgan Grenfell Asset Management (MGAM) funds four weeks ago. Two of these were managed by Young, who was voted fund manager of the year in 1995.

Trading in the funds, which had totalled