Polygon Investment Management, a hedge fund manager based in the UK and US, more than doubled its turnover to £64m (€92m) in 2006, a year in which it scuppered a takeover bid for Telent, a small UK telecoms company with a large pension scheme in which it was invested.

Turnover increased from £29.8m for the year ended November 30 2005 to £64.1m last year, according to the financial statements of Polygon Investment Management Limited just filed at Companies House.