It is still in its infancy, but the hedge fund industry has played a central role in London’s renaissance as a financial centre. Now that hedge funds are going global, they are making London the sector’s new headquarters.

A decade ago, hedge funds were a disparate fraternity of money managers scattered around a half-dozen points on the globe with little interaction between the groups. Today, hedge funds have become a trillion-dollar industry, with the top 50 funds exerting a profound influence in virtually every market in the world.