Unnamed sources are quoted as saying that the $3.3 billion fund would “highly likely” be wound down after the departure in twelve months' time of its respected managers Martin Taylor and Nick Barnes.

In a letter to investors the firm said: “While Martin’s and Nick’s enthusiasm for the fund’s strategy remains, neither individual feels able to commit to managing the fund’s portfolio with the intensity that they would wish to continue to provide beyond March 2011.”

The two will continue to run Nevsky Capital’s other long-only funds.