France's hedge fund industry has increased its assets under management by 43% a year over the past two years to reach €74bn ($91bn) at the end of June, according to a new survey.

The total at the end of June is more than twice the figure recorded last time the survey was done, in March 2002, when the total recorded was €33bn. The figures include funds of hedge funds and single manager hedge funds. EuroHedge, the research firm, said last month France's single manager hedge funds controlled $12bn of assets at the end of June.