Rubicon Fund Management, a former doyen of Europe’s hedge fund industry that three years ago was heading towards extinction, has staged a comeback in a rare example of a company being saved by the credit crisis.

The company has seen its assets grow from a low of $500m in 2007 to $1.5bn now, according to a source close to the firm. Investors have come back as the firm has restored its reputation as a hedge fund manager that knows how to make money.