Gradient Capital, the London hedge fund whose founders paid themselves about $100m (€113m) in 2006 and 2007, has made double digit returns this year. However, extensive losses suffered in September and October still means that investors who put money into the fund when it was set up in 2001 are down on their original investment.

John Gunn, Gradient's chief operating officer, said Gradient controlled risk well this year, and reworked how it constructed the portfolio. Investors told Financial News it made 5.1% by the end of April.