Sloane Robinson, a hedge fund that has seen its assets decrease by over 80% since 2008, has told investors that its well-regarded chief investment officer and main risk taker Richard Chenevix-Trench is planning to take a step back.

In a letter to investors, signed by Chenevix-Trench and co-founders Hugh Sloane and George Robinson, the firm said that Chenevix-Trench plans to step down as chief investment officer and will take some time out to "recharge" in six months' time. Ed Butchart, the current head of strategy and risk, will take on the CIO role in his absence.