Hendry's Eclectica sees profits soar 40%

Hugh Hendry's Eclectica Asset Management has reported a 41% upswing in operating profits over its last financial year.

The firm has posted £2.4m in operating profit for the year ended 31 March 2011, up from £1.7m the previous year. Turnover rose from £2.8m to £3.8m. The increase in profits for the hedge fund specialist comes at a time when many peers have been badly hit by recent market turbulence. Data from Hedge Fund Research, released earlier this month, showed the industry is in line to post its second worst year since 1990, with returns only lower during 2008. The average hedge fund has lost 4.37% so far this year, according to the figures. However, Hendry's £54m Absolute Macro fund is up 11% ...