Haussmann Holdings, the world’s second oldest fund of hedge funds and one of the first investors to back veteran hedge fund manager George Soros, has shrunk to a third of its size a year ago due to substantial withdrawals and its worst period of performance on record.

The fund was $3.8bn (€5.3bn) at the end of July last year, and shrank to $1.2bn at the end of April this year, according to a member of the fund's management board and investor documents. It has since recovered to more than $1.4bn due to new investments.