China is known for its large number of high-net-worth individuals. It is the kind of investor base that should make a perfect hunting ground for hedge funds. But 18 months since Chinese regulators signed off on a pilot programme to allow the first international hedge funds to raise capital in the country, progress has been mixed.

Citadel, Canyon Partners, Och-Ziff Capital Management, Man Group, Oaktree Capital and Winton Capital Management were the named firms given the nod to launch onshore feeder-funds for Chinese investors to access their strategies, with the programme officially launching in mid-2013.