This is the fourth annual FN 40 Under 40 Rising Stars of Hedge Funds, which is Financial News’ editorial pick of the most promising men and women in the industry. This year’s list, in particular, celebrates the managers who have succeeded in setting up new firms in the past few years, in what has been a tough fundraising climate.

The number of hedge fund launches in 2013 in Europe fell to its lowest level in more than a decade and, reflecting this, only six people on the 2014 list unveiled a start-up fund last year. However, the list recognises many firms set up from 2009 that have achieved impressive returns and asset growth.