Hugh Hendry, who shut down his hedge fund Eclectica Asset Management almost a year ago, has said there are “still too many hedge funds” — as assets managed by the global industry hit fresh records in 2018.

The blunt Scot, 49, speaking with Financial News in his first newspaper interview since he closed his global macro fund Eclectica — which managed over $1bn at its height — also ruled out a return to the profession that made him a well-known name in the City.