Cheyne Capital Management, the London business that runs one of Europe's 10 largest hedge funds, doubled its fee income last year.

Its turnover was £63m (€91m) for the year to March 31, 2005, according to accounts filed last week, compared with £29.8m the previous year. It earns management and performance fees from the funds it manages and ran $5.3bn (€4.3bn) of hedge fund assets as of June 2005, up from $4.5bn at the end of 2004, prime brokers said.