Traders and asset managers continue to be fans of the hedge fund industry, attracted by visions of wealth and independence to set up firms of their own.

This dream looked doubtful in the darkest days of the financial crisis. Figures from the data provider Hedge Fund Research show the number of new hedge funds launched globally, a proxy for the number of new hedge fund management firms, dropped 77% from 247 in the first three months of 2008 to 56 in the fourth quarter after Lehman went bust.