"This was supposed to be the first privatisation of rail services, and it is in trouble. He is writing to Kenneth Clarke, the Chancellor, to demand how much the Government paid Hill Samuel, the merchant bank handling the sale of Red Star."And I want to know who gave the Government the wrong advice on European rules," he said. He wants to give the new owner a monopoly of access to passenger trains for the carriage of parcels, but the EU competition rules prevent him from doing so.Rail industry insiders say the Transport Secretary has privately approached the Competition Commissioner Karel van Miert for a waiver of the strict no-monopoly rules, but it has not yet been granted.They add that the delay could be many months, and the sale might even be halted altogether if the Government cannot give monopoly guarantees as a "dowry" to prospective buyers.The Shadow Chancellor Gordon Brown last night condemned the sale cancellation as "a shambles". Red Star, the express parcels business using passenger trains, was scheduled to be sold this week to a private buyer in the first phase of rail privatisation. But Dr Mawhinney has pulled the sale because of a row over European competition policy. THE Government's rail privatisation plans were thrown into fresh confusion yesterday when it was revealed that Dr Brian Mawhinney, Secretary of State for Transport, has halted the £20 million sale of Red Star at the last minute.

It aims to invest in a range of assets, including stocks, bonds and derivatives Shares are on offer at $100 each until 24 March One for the rich - minimum investment is $500,000 Tel: 0171-490 8062. The strategy involves infill drilling in areas where oil has already been produced. The minimum subscriptio n is £10,000 and the closing date is 28 February Tel: 0171-734 4446.. Man Glenwood, the joint venture between ED&F Man and the US-based Glenwood Investment, is launching the Man Glenwood Multi-strategy Fund.

Neil Clerk Capital and MM &K have unveiled the Melrose Partnerships III, which will acquire and develop onshore US oil and gas properties. Investment management group Jupiter Tyndall has launched the Investment Trust of Investment Trusts, aimed at long-term capital growth The issue will take the form of a placing and public offer of up to 12 million units comprising five ordinary sh ares and one warrant income share Application forms before 14 February Tel: 0171-412 0703.. The charges include an effective initial charge for new money entering the service of 4 per cent, reduced to 3.5 per cent for investments of more than £50,0000 A management feeof 1.5 per cent is charged each year.. The Rothschild managers research and pick the unit trusts with best potential and allocate client money on their behalf.Favoured funds in Britain included the Prolific UK Blue Chip fund, Fidelity UK Growth and Mercury British Blue Chip.The aim is to take the strain of choosing individual funds off the investor. But already it contributes about half the company's profits.Savings can be invested in any one of four stategies with varying risks and various returns. With more than 160 unit trust companies competing in the UK, direct selling would erode the share of the intermediaries, it claimed.At present only £2.5bn of the £12bn managed by Rothschild Asset Management comes from private investors.