Staff turnover is a closely guarded secret at many companies. At hedge fund managers, which prize discretion more than many, details of personnel changes are often unforthcoming. But a review of the register maintained by the Financial Services Authority, which regulates every UK hedge fund manager, gives a glimpse of changes going on behind the scenes.

Not every employee at a hedge fund manager has to register with the FSA, since some functions, such as elementary bookkeeping, need no authorisation. But investment staff and senior employees do require registration. A look at the number of staff on the FSA register, compared with the number of staff whose names have come and gone from it, suggests some hedge fund managers have gone through a regeneration.