When the author was appointed chairman of Warburg Investment Management in 1979, he was told by his boss, the legendary Sir Siegmund Warburg, that his first task was to get rid of it. Fortunately no one wanted it. By the mid-80s, it began to grow rapidly and, renamed Mercury Asset Management, it gathered astonishing momentum in the rest of that decade. By the mid-90s, MAM was the largest UK fund manager, responsible for 5 per cent of all investment UK equities. Under author Pert Stormonth Darling's leadership, it became the largest and most successful investment fund in British financial history. "City Cinderella" is a book about changing times in the city of London, about risk and innovation, and a great British success story.
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Peter Stormonth Darling was chairman of Mercury Asset Management from 1979 to 1992. Before that, he fought as an infrantry officer in the Korean War, studied law at Oxford and emigrated to Canada, where he joined a small financial business in Toronto which had been set up by Siegmund Warburg, founder of Warburgs, the merchant bank. After six years in Canada, he returned to the UK to join Warburgs, where he later became vice-chairman. He lives in London and is an investment consultant, sitting on a number of boards and committees in England, Scotland and the United States and Canada, including the investment committee of the United Nations pension fund.
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