The flagship $2.4bn (€1.7bn) European long-short fund run by GLG, the UK hedge fund that is soon to become a US-listed company, had a strong start to this year, showing returns up 13.4% for the 12 months to June 22, according to investors.

Since inception in October 2000, the European long-short fund, which is run by founding partner Pierre Lagrange, has generated an annualised net return of 14.4% with an annualised volatility of 8.5%.