Mr Grunfeld became a naturalised Briton, but never lost his accent, or his German syntax.

ECONOMIST: Henry Grunfeld

"We are extremely proud of Jason and support his decision to live his life proudly and openly, " said Washington Wizards team president Ernie Grunfeld.

WSJ: NBA's Jason Collins Reveals He's Gay

Henry Grunfeld took over the chairmanship of the firm in 1964 and held it for ten years after which he formally retired at the age of 70.

ECONOMIST: Henry Grunfeld

Mr Grunfeld's German sense of discipline also distinguished him from the easy-going practices then usual in the City of London, where the day started late, ended early and was punctuated by a long lunch.

ECONOMIST: Henry Grunfeld

Henry Grunfeld and Siegmund Warburg were happy opportunists.

ECONOMIST: Henry Grunfeld

Henry Grunfeld and the others worked long hours.

ECONOMIST: Henry Grunfeld

Into his eighties, Mr Grunfeld put in a full day at the office, apologising to his younger colleagues, according to one story, if he wished to go home as early as fiveish in the afternoon.

ECONOMIST: Henry Grunfeld