JULY 14, 2001
Upheaval at Morgan Grenfell Private Equity
It seems that MGPE may eventually be sold off by the bank but for the moment it has come under the control of Sir Robert Smith, deputy chairman of Deustche Asset Management. One of his priorities will be to find a solution to the F1 problems but the only way out would probably involve writing off the investment. The news could be both good news and bad news for Tom Walkinshaw. He is almost certain to lose his backing from Eurobet, which is owned by MGPE, but he may find himself in a position to buy back the shares in his company for considerably less than what they are worth.