Gradient Capital, the $2.5bn (€1.9bn) long/short European equity manager, raised turnover more than tenfold last year and paid its four employees £9m (€13.4m), after it achieved an investment return of almost 47%.

Gradient, which was founded in 2001 by Ivor Farman and Scott Pagel from Adelphi Capital Management, increased turnover to £11.3m last year, up from £1m in 2005, according to accounts filed at the UK's Companies House.