A founder of one of the UK’s largest hedge funds has warned that investors may be "disappointed" in the more heavily regulated Ucits funds, which have increased in popularity since the financial crisis.

In an interview with former City Minister Lord Myners at the Fund Forum conference in Monaco this morning, Paul Marshall, co-founder of Marshall Wace, said that many of the Ucits strategies run by hedge fund managers were unrecognisable to their less-regulated offshore counterparts.