A fund manager who lost his "magic touch" after suffering head injuries in a car accident ended his record £17m claim for damages in an out-of-court settlement last week.

Julian Glatt was earning £250,000 a year and managed funds worth more than £2bn when he was knocked down by a car in north London in 1994.

Lawyers estimated that the driver's insurance company, which had admitted 75% liability, had agreed to pay Glatt up to £10m.

His lawyers confirmed the settlement involved a "substantial figure" and that Glatt was pleased with the outcome.

His barrister, William Norris QC, told the High Court that Glatt had "gilt-edged connections" and had been on the brink of joining the "big league" of elite fund managers, where he would have been earning £3m a year. But after the accident, Glatt had lost that "indefinable magic component of decisiveness and judgement."

Although Glatt was back at work within three weeks of the accident and is now earning "enormous sums" in property investment, he had been forced to abandon the career he loved.