The $9.5bn activist fund, run by Chris Hohn, proposed cutting fees and easing withdrawal limits to retain clients after top executives quit and it lost 43 per cent last year.

Under the proposed terms clients would pay 1.5 per cent of assets if they remain with The Childrenâ??s Investment Fund (TCI) after their three- or five-year commitments to the London-based fund expire.

Clients could also withdraw their money quarterly once they have been in the fund for a minimum of six months.