GLG, a London hedge fund manager, has increased its assets to $13bn (€11bn) despite facing the biggest challenge of its 11-year history when it was fined a record £750,000 by the Financial Services Authority.

An additional $1.5bn of assets brought in since the beginning of this year has put it alongside Man AHL and Barclays Global Investors, Europe's largest hedge fund managers and ahead of US firm Citadel to make it the world's largest multi-strategy manager.