Against the stream

"We have refined the investment process into two blocks, basically," says Peter Chen, the chief operating officer of London-based Orthogonal Capital, which began trading in July. "Whereas hedge fund managers would often be in charge of both discretionary trade selection and risk analysis, we have separated the responsibilities."

He believes this philosophy gives Orthogonal's Macro fund the edge on its competitors. And with macro funds out of favour in the aftermath of George Soros's decision