Carol Galley, co-head of the London operation of Merrill Lynch Investment Managers (MLIM), found it hard under cross-examination to provide a coherent account of exactly how the firm managed a portfolio for Unilever, in her second day as a witness in the Unilever vs MLIM case.

Galley was under cross-examination by Jonathan Sumption, the QC representing Unilever Superannuation Fund, which is suing MLIM for £130m (€211m) for negligently taking too much risk when managing £1bn for it in 1997 and 1998.