While many within the investment community would be happy to put 2007 and its subprime misery behind them, there are two men working away in Mayfair who are pleased it turned out the way it did. They had been expecting it.

"Last year was really the first year when reality was beginning to be priced back into the market in terms of credit and capital flows," says Peter Geikie-Cobb, who, together with Paul Thursby, manages the £263m (€351m, $514m) Thames River Global Bond Fund.