29 MARCH 1997, Page 26

Where the money goes

FOR an ingenious football investment I am indebted to Soccer Analyst, whose first issue draws my attention to the Fondo Cerrado Boca Juniors. This new Argentine fund will, invest not in football clubs but in players contracts — eminently sensible, when ynii think where the clubs' money goes. I ant working on a Fondo Cerrado for the city, which would invest not in banks but in the traders' contracts, bonuses and all. So the banks would keep the losses (as with NatWest's and Barclays' latest whoopsies) and the fund would get the bonuses. All that! need now is a bank to sponsor it.