Tony Dye, who has died at the age of 59, was one of the UK’s top managers of pension fund portfolios. At Phillips & Drew Fund Management in the 1990s he became an arch exponent of the value style of investing, becoming dubbed London’s “Dr Doom” for his controversial views on the overvaluation of equities as the late 1990s technology bubble progressed towards its inevitable bust.

From 2001 onwards he ran his own independent hedge fund, the Contra Fund at Dye Asset Management, but ill-health caused him to close this in January 2007. Despite suffering from cancer he continued to express robust views about international financial policies in letters to the Financial Times, the most recent of which appeared last month.