Some of Europe’s biggest hedge fund managers have recently started to say what was once unsayable: that they may not be around forever.

Succession planning has long been an uncomfortable subject in the industry. Some funds are sold to investors as being a way to profit from a particular individual's investment genius. How it would perform if that genius were to become ill, or simply lose interest, is an awkward conversation and one that is easy to postpone in the day-to-day battle for performance.