The hedge fund assets at London asset manager Polar Capital Partners collapsed by almost two-thirds in the year to the end of March, despite five of its seven hedge funds making money last year.

Hedge fund assets at the firm fell from $2bn (€1.4bn) to $700m in the 12 months to the end of March, more than double the broader hedge fund industry's 30% shrinkage over the same period, according to analysts Hedge Fund Research.