Tilney Investment Management is currently reviewing its hedge fund strategy, following the lift out by Dexia Banque Internationale a Luxembourg (Dexia BIL) of the nine-strong hedge fund team.

Philip Manduca and Leon de Jerez, founders of Tilney Capital Management's hedge fund group, and the rest of the team, will trade as Dexia Alternative Asset Management, a new division of Dexia BIL's London office.