Toscafund, a UK hedge fund manager that was among the worst hit by the downturn, has marked a return to "business as usual" by unlocking the last of the funds it was forced to freeze last year.

The firm's main fund, run by founder Martin Hughes, is up 25% for the year to 13 May while its opportunity fund is up 60% and its small cap fund is up 60%. The Asian fund - which Toscafund has just restored to full liquidity, lifting the gates that restricted investors' ability to take their money out - has risen more than 5% this year.