Alistair Lennard was running inappropriate risks, in the eyes of a colleague at Merrill Lynch Investment Managers (MLIM) who is now being cross-examined in the Unilever trial.

The Unilever Superannuation Fund is suing MLIM, previously known as Mercury Asset Management, for £130m (€212m). Unilever alleges that MLIM negligently took too much risk when managing £1bn for it between January 1, 1997 and March 31, 1998, under a revised mandate that included a downside risk tolerance for the first time. MLIM contests the claim.