Stevenson points out any misgivings have not stopped prestigious names like Bridgewater, Winton Capital and the Paulson funds maintaining managed accounts with the Paris-based firm. One fact working in the Lyxor man­aged account product’s favour is that it honoured all termination requests as investors scoured for liquid assets during 2008.

This has become a big dif­ferentiator in the market, given so many hedge funds imposed gates late last year, Stevenson says. “We are currently working with managers who trade highly liquid in­struments,” Broquereau says, pointing to weekly liquidity as the preferred policy. “We would consider less liquid strate­gies but we’ll have to make sure we can analyse and value the strategies.”