While acknowledging he made a losing bet, the fund manager being sued by the family of a prominent solicitor for US$2 million in investment losses told the High Court yesterday that it was not his job to monitor his margin requirements. Edwin Leong Siu-hung also said his currency-trading fund would have made a profit if he had listened to his subordinate's advice. The fund collapsed with trading losses of more than $8.4 million in January 1992. Experienced trader Eddie Chow had suggested that Mr Leong close out his position sometime in late December 1991 and 'have a Merry Christmas'. But Mr Leong wanted to make more money, he said, so instead of closing the account he increased the leveraged stake by 3.5 times, from US$196 million to US$735.4 million. Mr Leong persuaded tycoons such as Sun Hung Kwai Properties vice-chairman Thomas Kwok Ping-kwong, property investor Henry Fong Yuh-wah and one of the plaintiffs in the case, Kennedy Wong Ying-ho, to invest in his fund. Counsel for the plaintiff, Daniel Richard Fung SC, said Mr Leong had never established hedging or risk-management contracts to help arrest losses and never reserved funds to cover margin requirements. Mr Leong did not respond when asked if such tactics were 'prudent and responsible', but said if he had reserved half of his fund's assets to cover such requirements, he would not have achieved his objective. 'I was full of confidence about my scheme,' he said. 'I had been trading with a concept and I would not have started it if I knew the whole thing would be wiped out.' He acknowledged using 'high net worth individuals' money' because they could 'afford to lose it'.