The former chief executive of RAB Capital, who relinquished his role barely two weeks ago to focus on arresting the fall in value of the UK hedge fund's flagship vehicle, has yet to reverse the performance. Shareholders are due to vote on committing their money to the strategy for three years in less than one week.

Philip Richards resigned from his chief executive post at the $4.7bn (€6.9bn) asset manager earlier this month to focus on running the 11-year old special situations strategy.