More than three-quarters of the world’s largest hedge fund managers have lost money for their investors in the first nine months of the year as crisis deepens in the industry.

None of the world's five largest managers' flagships funds has made money for the year to September, according to details supplied by investors. Of the 79 of the world's 100 largest hedge fund managers where Financial News has been able to obtain details, 61 of them, or 77%, have flagship funds that have lost money for that period.