Evening Standard – This year could see the bounceback of the hedge fund industry after a pretty disastrous 2008, Peter Clarke , chief executive of the world’s largest publicly quoted hedge fund manager Man Group , said today.

But news that the group took a $900 million (£565 million) hit on its funds in the final week of March, just after its most recent trading update, pushed the shares 10% or 25p lower to 225p.

Despite confirming a 40% fall in Man’s dollar profits for the year to the end of March and a 37% drop in funds under management, Clarke said: "Certainly 2009 has begun very well for the hedge fund industry with positive returns across the industry overall."

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