CFM Chief Aguilar Dies In Gliding Accident

Jul 6 2009 | 12:53pm ET

Jean-Pierre Aguilar, co-founder and CEO of France’s largest hedge fund, died in a gliding accident over the weekend.

Capital Fund Management, which Aguilar helped set up 18 years ago, broke the tragic news to its investors in a letter yesterday. Aguilar, a passionate glider, was killed during a flying contest in the south of France sponsored by CFM. The accident occurred during the final flight of the six-day event, and also took the life of his co-pilot, the head of the Gliding Club of Barcelonnette, France.

Aguilar died “while competing in a sport he loved and where he had tremendous experience,” CFM told investors. The 49-year-old is survived by a wife and three children.

CFM moved to quickly to reassure investors that the US$2.7 billion firm would survive its leader’s untimely death.

“The firm has gone through several crises in the past and we want to reassure our investors that this terrible event will not interrupt CFM’s high level of service or impact its ability to provide outstanding long-term investment returns,” the letter said. “Jean-Pierre has assembled a terrific team, where all individuals are important but none, not even himself, are critical.”

The firm said its board met yesterday afternoon to discuss a successor to Aguilar. Leadership changes are expected to be announced in the next few days.

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