Jean-Pierre Aguilar, chief executive officer of Capital Fund Management, was killed in a gliding accident over the weekend, according to a letter to investors.

Capital Fund Managementâ??s board met to â??implement the transition to a new leadership structureâ?� after the death of its 49-year-old co-founder, the e-mailed letter said. The contents of the email have been confirmed by Jean- Philippe Bouchaud, the companyâ??s chairman.