Rival fund managers are perplexed by the scale of the debt left by NWQ Capital Management, expressing surprise at the almost $20 million owed, including to blue-chip Perth business figures.

A who’s who of Perth business names has been caught up in the collapse of Jonathan Horton’s West Perth fund manager, which was placed in the hands of liquidators earlier this month after creditors in Queensland and Victoria sought to wind-up the company.

The winding-up action followed NWQ’s…