When a highly regarded and well trusted investment manager dies, it leaves the stewards of that fund with a dilemma.

Closing the fund, on the grounds that nobody can adequately replace the talent and commitment that has gone, is a wonderful posthumous tribute to the individual concerned. But it can also be a tricky business decision, involving as it does the painful duty of waving goodbye to fees and employment for those who remain responsible for the fund, and creating tax bills for the investors at a time which may not be to their liking.