Despite signs that the battered $1.3 trillion (€916bn) hedge fund industry was turning a corner – with an end to record redemptions and a reversal of record losses – one listed fund of hedge funds has still told its own investors they should vote to shut it down and have their money returned.

In recent weeks, there have been signs of a turnaround in fortunes in the hedge fund industry, with four of five listed funds of hedge funds that have had ballots on their future - triggered by poor demand for their shares - winning shareholder support to go on.