Andor Capital Management, the world's second largest hedge fund with around $9bn(€7.2bn) under management, has parted company with David Felman, its star manager, after the funds he managed under performed the market average by around 30% this year.

Felman ran Andor's $1.3bn diversified growth fund down 17.5% and its $250m growth perennial fund, down 18%. The average hedge fund across all strategies is up over 13% this year according to figures from CSFB/Tremont, the index provider.