Patrick Evershed lost his cool on his last day at New Star, attacking the firm's CIO for preventing him topping up a position in HBOS, an employment tribunal heard today.
Henry Evans, Evershed's personal assistant at New Star, alleged Evershed called CIO Gregor Logan a "despicable berk" and a "vile little runt", following a disagreement over his HBOS investment.
He said on the day Evershed left the firm the manager wanted to top up his position in HBOS but Logan stepped in and said he did not want him to buy any bank securities.
"Although I was not part of the conversation - I was sitting next to them as they had it," Evans said.
"He did not want him to add to his position in HBOS, which I found very unusual as the CIO getting involved was not normal - as New Star's whole ethos was not to let managers be clouded by a house view.
"The discussion got rapidly heated with Evershed calling Logan a despicable berk and a vile little runt.
"Evershed thought he had better judgment than Logan and pointed out the rest of the UK desk was still buying banks. In the exchange he told Logan he had a very low regard for his professional judgement."
Evans added he did not think Evershed was being hysterical but he thought he was annoyed at being undermined by Logan.
Evershed, the former fund manager of the New Star Select Opportunities fund, is seeking damages of more than £1m after claiming he was the victim of constructive unfair dismissal.
The aviation sector's constant evaluation of errors in order to improve safety should be applied to defined benefit (DB) schemes, as too many are repeating the same mistakes again and again, research has shown.
IA sectors – help or hindrance?
Despite multiple complaints
Annuity market worth £4bn in 2017
For ‘distress’ caused