Morgan rejects Horlick's job claim

Nicola Horlick, the City pension fund manager, yesterday remained committed to her fight to win back her pounds 1m-a-year job but her attempts seemed deadlocked as her former employer, Morgan Grenfell Asset Management, was equally strong in its resolve not to reinstate her.

Mrs Horlick grabbed the headlines last week for her acrimonious departure from MGAM, where she had worked for five years and earned a reputation as one of the City's top fund managers. She was also known as Superwoman for her ability to combine her hectic family life, she has five children and an investment banking husband, and her demanding job.

John Farr, her lawyer, said yesterday she wanted to reach an amicable settlement with her former employer as soon as possible.

"Her first choice would definitely be to get her job back," said Mr Farr. But if this was not possible then compensation, expected to run to millions of pounds, is the alternative. If this fails she is likely to take legal action against MGAM for "constructive dismissal".

"If there is not a quick amicable solution, she has been constructively dismissed and we would be going to court. If there is going to be an amicable solution, it should be fairly quick - one would hope by the end of the week - otherwise we're probably into the legal proceedings route."

MGAM said it not been contacted by Mrs Horlick and had no reason to communicate with her because she was no longer an employee. "The ball's in her court," a spokesman said.

The row broke out last Tuesday when Robert Smith, the chief executive of MGAM, suspended Mrs Horlick when he suspected she had been talking to a rival firm about moving there with her MGAM team. He had promoted her to his deputy the previous Friday.

She denied that she was planning any such move.

Stars out of control, page 14