Horlick barred from auction for Deutsche's UK fund

Nicola Horlick, the star fund manager who wanted to bid for her former employer, Deutsche Bank's UK fund management arm, has been frozen out of the auction.

Nicola Horlick, the star fund manager who wanted to bid for her former employer, Deutsche Bank's UK fund management arm, has been frozen out of the auction.

Hawkpoint, the financial advisers to Deutsche Bank on the sale, is having discussions with a short list of buyers which does not include Ms Horlick's Bramdean.

Ms Horlick was denied access to the sale particulars, even though she is believed to have produced evidence that she had the financial backing to make a serious offer.

Ms Horlick was contemplating adding the Deutsche business to her new fund management operation.

One insider said Ms Horlick's firm was not the only one to have been refused access to the sale details and that other, smaller firms suffered the same fate.

Deutsche was the bank that suspended Ms Horlick from its fund management business in the winter of 1997, prompting her now legendary flight to Frankfurt, accompanied by a pack of journalists, to confront her German pay masters. She was determined to clear her name after being accused of trying to persuade senior colleagues to jump ship and join a rival. Her suspension, for breach of contract, helped make her name as one of the country's leading women in business and finance.

Since the Deutsche debacle she set up and then left SG Asset Management, turned down the chance to run AMP's £30bn asset management business in Australia and has now formed Bramdean.

It was unclear whether Ms Horlick was being refused access to the sale particulars because of personal animosity against her following her behaviour at Deutsche eight years ago or whether the bank felt she did not have sufficient funds to buy the business. There was also a suggestion that her interest came too late in the sale process.

Ms Horlick was unavailable for comment yesterday.

* Deutsche yesterday appointed Axel Benkner, who will retain his current role as head of the DWS division in Germany, as global head of retail for the asset management business. Axel Schwarzer was named head of the US unit Scudder and will report to Mr Benkner.