The resignation of the International Wine Investment Fund's CEO last week could have wider implications for the fund. On Friday, Chris Day stepped down from the fund's manager Berren Asset Management, saying he wanted to spend more time with his family.

Day's resignation may delay plans for the fund to convert from a trust to a public company, local press said today.

A replacement should be announced within 2 months and is expected to be chosen from a shortlist of three. Day denied that attempts by some shareholders to wind up the company had encouraged him to leave, saying rather that they encouraged him to stay on longer.