Cheyne Capital, the UK hedge fund manager whose $6.6bn (€4.6bn) structured investment vehicle Cheyne Finance went into administration last month, increased its turnover nearly 10% to £129m (€186m) in 2006.

The directors of Cheyne Capital Management Limited said: "Revenues for the year were £129m, 9.6% higher than the annualised prior period due to the increase in assets, positive performance across the asset classes and an increase in the UK marketing fees," according to the financial statements for the year ended 31 December 2006, which have just been published at Companies House.