US firm Campbell & Co has become the latest of a series of hedge fund managers to reopen funds to new investment, as asset gathering takes over from performance as the industry's primary driver.

Campbell & Co said it would reopen its $9bn (€6.5bn) financial, metals and energy portfolio from September. The fund has been closed to new investment from offshore investors since 2004. The firm also plans to reopen its $800m global diversified portfolio.