A portfolio manager at BlueBay Asset Management has resigned from the London-based firm after it discovered valuations on hedge fund he ran had been altered. One consultant said managers were putting themselves under increasing pressure to "influence" the value of their funds but with effects tantamount to "rearranging deckchairs on the Titanic".

Simon Treacher, manager of the $600m (€465.1m) BlueBay Emerging Market Total Return fund, is leaving the listed company "following a breach of internal valuation policy," BlueBay said in a regulatory filing this morning.