The relationship between the Qatar Investment Authority and Three Delta, its UK investment adviser run by Paul Taylor, has broken down and the sovereign wealth fund is working on buying out his interest in Four Seasons, the nursing home operator.

The potential split between Mr Taylor and QIA, which made an abortive takeover bid for the J Sainsbury’s supermarket chain last year, could lead to the sovereign wealth fund’s buying out all four investments made since Three Delta’s creation two years ago.