Critical best describes the condition of the hedge fund market. Global assets slumped by more than 30 per cent last year, at least 150 European funds were axed, and new launches were few and far between.

Unsurprisingly, hedge fund administrators have had to share some of this pain. “The impact has, and is going to be, generally quite severe for administrators,” says David Aldrich, managing director, alternative investment services at BNY Mellon.