Philip Richards looks like the hedge fund equivalent of the player-manager whose on-field form starts to suffer. As one of the two co-founders of RAB Capital, Mr Richards has held the post of chief executive since well before the alternative asset manager was floated on Aim in 2004.

Until recently, there seemed little evidence executive responsibilities were cramping his style as manager of the highly successful Special Situations Fund, the linchpin of the group's portfolio of funds.