Around 40% of continental European and offshore funds secured performance-based returns despite the downturn in global markets last year, according to a survey by Fitzrovia International, the London-based fund research company.

The 2,110 funds within the survey include 280 hedge funds. Those funds which secured incentive fees made a total of $1.98bn (€1.86bn) from their annual administration charge and $1.13bn from performance.