“Never buy a fund named after someone: you get a total failure of risk control,”  former Standard Life Aberdeen chairman Gerry Grimstone told the Financial Times after the Woodford implosion.  The apparent sudden death of Odey funds reinforces this point.

“Key person risk” is prevalent in retail financial services, as many companies start out small owner managed, but grow, and for fund managers, the cult of the star manager is alluring.  It is good on the up, but you get concentration risk, and when hubris sets in, your money is at stake.

Janus Henderson, Hambro, Rothschild are not run by their founders. 

But FundSmith, BrevanHoward, Carmignac and Lindsell Train do have concentration risk at the top.