Hedge fund investors are pushing managers to appoint custodians to better safeguard assets, after learning the lessons from the collapse of Bear Steans and Lehman Brothers.

This week Capula Investment Management brought in custodian BNY Mellon to look after the assets in its Flagship Fund, which was worth $3.3bn (€2.2bn) at the end of September, according to an investor. It is believed to be the first time that the manager has employed a custodian.