UK hedge fund manager The Children’s Investment Fund Management, better known as TCI, was unavailable to comment last week on the passing of what many would see as a significant milestone. Its cumulative fee income, from its launch almost six years ago to last August, now amounts to more than £1bn (€1.2bn), according to accounts lodged at Companies House.

The lack of publicity is typical of TCI, which prefers to make no noise about itself, although it has spoken at top volume in the four, public, shareholder activist campaigns it has conducted since late 2004, including most recently at US railway company CSX.