Sushil Wadhwani has cut fees for early withdrawal from his hedge fund, one of last year’s best performers, even as many of his bigger rivals have been stopping investors getting their money back.

Mr Wadhwani, a former member of the Bank of England’s rate-setting monetary policy committee and the founder of Wadhwani Asset Management, has reduced fees from 5 per cent to 1 per cent for redemptions made within a year of investment.