As many as three quarters of investors in a large, listed UK fund of hedge funds are queuing up to redeem their money after a period of sustained underperformance, despite improving sentiment in the wider sector where share prices are coming back in line with asset values.

CMA Global Hedge, a $209m (€148m) fund managed by CM Advisors, has been hit with fresh redemption requests from 75% of its investors, having already committed to return 40% of client money in two previous offers since December.