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Glider accident in France claims two



 
 
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  #1  
Old July 8th 09, 07:31 PM posted to rec.aviation.soaring
zurchman
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Posts: 2
Default Glider accident in France claims two


A number of recent fatalities seem to involve some sort of
competition. Here's another one.

This glider crash in France was reported in the Wall Street Journal
because one of the pilots was the head of a large hedge fund. He was
49 and had been flying gliders since he was 16.

The other pilot was the president of a local glider club.

http://www.tritz1.org/?p=8654
  #2  
Old July 9th 09, 01:53 AM posted to rec.aviation.soaring
Dan Armstrong
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Posts: 12
Default Glider accident in France claims two



From Bloomberg:
http://www.bloomberg.com/apps/news?p...d=af4igAyBKYZs

Hedge-Fund CEO Aguilar Killed in Gliding Accident (Update3)


By Saijel Kishan, Bei Hu and Tom Cahill

July 6 (Bloomberg) -- Jean-Pierre Aguilar, chief executive officer of
Capital Fund Management SA, France’s largest hedge fund firm, was
killed in a gliding accident, the company told investors.

Capital Fund Management’s board met yesterday afternoon to discuss a
replacement after the death of its 49-year-old co- founder over the
weekend, according to a letter to investors yesterday. Jean-Philippe
Bouchaud, chairman of the Paris-based company managing $2.7 billion,
confirmed the contents by telephone in Paris.

“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 dated yesterday
said. “Jean-Pierre has assembled a terrific team, where all
individuals are important but none, not even himself, are critical.”

Aguilar was participating in a gliding competition near Barcelonnette
in the south of France when the accident happened, Bouchaud said in a
separate e-mail to Bloomberg. He died “while competing in a sport he
loved and where he had tremendous experience,” the company said.

Aguilar’s co-pilot, who was head of the Gliding Club of Barcelonnette,
was also killed in the crash. The causes of the accident are under
investigation, said the letter to investors.

‘Grandfathered In’

Aguilar helped found Capital Fund Management, one of France’s oldest
alternative investment managers, in 1991. Speaking in a June 4
interview in London, he said that establishing a company such as his
in contemporary France would be impossible because of political and
regulatory distrust of hedge funds.

“We still have room to run our business because we have been
grandfathered in,” Aguilar said in the interview. “Now if we wanted to
set up a company like CFM in France? Forget it.”

Before helping start Capital Fund Management, Aguilar also founded a
financial software company called Ubitrade SA for handling back-office
trading activities that he sold in 2004.

“He was a great entrepreneur,” Philippe Teilhard de Chardin, head of
prime brokerage at NewEdge Group in London and a friend of Aguilar,
said today. “In France some people find it difficult to run businesses
because of the elements everyone knows about. He stayed in France
partly because of the very rich source of mathematicians he could
hire.”

‘More Ideas’

Capital Fund Management, ran some of its funds as a so- called
commodity trading adviser or CTA, and uses computer systems to trade
futures, equities, bonds and equity options, according to its Web
site. The firm, which employs about 100 people, had about 35 of them
with PhDs constantly working on improving the algorithms used in its
models, Aguilar said in June.

“We have people from laboratories who don’t know anything about
finance, people who had last been doing particle physics, whatever,”
he said. “By having more brains I increase the chance of having more
ideas than others. It’s like seeds planted at a farm, they’re not all
going to be harvested but if you don’t have a farm, forget it.”

Capital Fund has managed funds under the “Discus,” “Ventus,” “Nimbus”
and “Stratus” brands. Its $1.7 billion Stratus multistrategy fund,
returned 8.8 percent this year through May, according to the investor
letter. The fund gained 8.4 percent last year and generated positive
returns in each of the years since its inception in December 2003.

Changes to the company’s new leadership will be announced to investors
in the next few days, Capital Fund Management said.

‘Two Passions’

Aguilar started his career in the financial industry in 1986 at
LeGrand & Cie. He managed the trading activities on the MATIF, now
part of Euronext, for the Paris-based brokerage and asset management
company, according to biographical information posted on Capital Fund
Management’s Web site.

His business life was always balanced with time off gliding, said
Teilhard de Chardin. He had been gliding since he was 16.

“He had two great passions, one of them was business and the other was
gliding,” said Teilhard de Chardin. “Unfortunately, the last one got
the better of him.”

Aguilar, who was married and leaves three children, was taking part in
a flying contest sponsored by his firm in which 12 teams try to fly as
far as possible in six days, according to its Web site. The crash
happened during the final flight.

To contact the reporters on this story: Saijel Kishan in New York at
; Bei Hu in Hong Kong at ; Tom
Cahill in London at

 




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