20 JUNE 1998, Page 25

No more money, ma'am

AT LEAST one Rowe & Pitman client from the old days is still going strong. Hugo Pitman was a trustee of the Queen Moth- er's marriage settlement. This was modestly valued, by his firm's standards — less than £30,000 — and his fellow trustee, Seymour Egerton of Coutts, suggested livening it up with a switch out of government stocks into equities. This plan fell on Pitman's deaf ear. 'There's no point in making any recom- mendations', he said. 'She'll only spend it.'