One of the best-performing hedge funds in 2008, which closed after losses the following year, is planning a relaunch to take advantage of tail risk – the possibility of unforeseen, high-impact events that are better known as ‘black swans’.

Hedge fund manager 36 South, which relocated its headquarters from New Zealand to the UK two years ago, plans to relaunch its Black Swan fund, which gained 234% in 2008, a year when the average hedge fund lost 19%.