The hedge fund set up by star trader Greg Coffey swung to profit last year, defying a challenging market for some of the biggest names in global macro investing to post a near threefold increase in fee income.

Kirkoswald Capital generated management and performance fees of almost £2.8m in the year to March 31, 2019, according to a recent filing with the UK’s Companies House. This compared with £701,593 for the previous 12 months.