Lansdowne Partners, one of London’s largest hedge fund managers, has reopened its flagship fund for the first time in five years, according to people familiar with the situation. Investors withdrew record amounts from the industry last year, leaving space in sought-after portfolios.

Paul Ruddock and Steven Heinz, who launched Lansdowne's $6.3bn (€4.8bn) UK equities portfolio in 2001, three years after co-founding the London firm, decided to admit some investors on its waiting list in January. It is unclear how long the window for investment was open.