CITY DIARY

There is always someone who makes money out of tragedy and this week it is the turn of Futures and Options World, the specialist magazine published by Metal Bulletin. They are proud owners of the only photograph of Nick Leeson, the football-playing futures trader, wearing a navy blue and gold Barings trading jacket and have been selling it at £1,000 a go. The picture first appeared in an article with a caption titled, "It is cost effective to have positions in Singapore."

Ivory & Sime, the sleepy Edinburgh investment managers, which is being rescucitated by Colin Hook, recently appointed as managing director, is to receive a further shot in the arm with the appointment of John Stubbs, 50, the head of UK equities and international index matching at Postel, who has been appointed chief investment officer.

The nation's shopkeepers were looking forward to a gripping talk by one of their more controversial colleagues at the Retail Week conference later this month. The subject was "The city - managing change" and the speaker, Bill McGrath of Pentos. After yesterday's announcement, the organisers are trying to find out if they can count on his attendence.

Respct is due to the hard-working marketing manager at Waterstone's bookstore in Leadenhall Market. On the pavement blackboard outside the shop is written: "We do not have Stephen Fry, but we do have his book." Talking of fugitives, I hear the Singapore police force have started to issue warrants for Barings' Mr Leeson. The only problem is, they are not worth anything.

Scurillous market rumours of problems at Strauss Turnbull, the brokers owned by Socit Gnrale, are strenuously denied by management.

The subsidiary has recently been asserting its independence from its federalist parent and, in a fit of confidence, they have been making some expensive appointments.

Philip Dorgan, who left Goldman Sachs, is joining as retail analyst. Andy Chambers, the gravitationally-challenged former engineering analyst at Nomura, is joining the engineering team run by the diminutive Zafar Khan. The pair are already being affectionally referred to as the Little and Large Show.

in Watters, the vast executive chairman of property company MEPC, has always shocked his lunching partners with his tremendous eating habits. "I used to eat for England," he admits. Foie Gras washed down by a rich Burgandy was his favourite, and the forty-seven-year-old recently weighed a massive 115.4kg.

When I saw him yesterday, the man had shrunk considerably. He explained that in a sponsored slimming race he had lost 13.6Kg to raise money for Centrepoint, the London homeless charity. Watters, a keen equestrian, claims there is now no turning back. "My wife is very pleased, but my horse is delighted." Our picture shows Watters with Centrepoint's Carole Scott, who ensured that he kept to his new diet.