The number of hedge funds managing more than $1bn fell by more than 40 per cent globally last year, according to a survey that reveals the extent of the damage inflicted on the world’s largest funds by volatile markets and tight funding conditions.

The annual hedge fund database survey from PerTrac Financial Solutions, to be published on Thursday, says about 200 funds held assets in excess of $1bn, down from 350 in the previous year’s survey.