Emergent Asset Management, a niche London-based hedge fund manager, bucked the industry trend of poor performance in emerging markets last year by posting returns of more than 75% on one of its portfolios. Over a quarter of the hedge funds that went out of business in 2008 invested in developing economies.

The group's emerging market debt fund returned 75.9% to its investors last year, defying the -10% return on JP Morgan's index of developing market bonds.