GLG Partners has dropped from first to fourth-largest European hedge fund after its miserable year last year, as computer-driven futures funds and freewheeling global macro traders shot up the chart.

The top 50 funds compiled by the Hedge Fund Journal magazine found London’s Brevan Howard is the biggest fund in the region with $25.6bn (£18.2bn, €19.6bn) under management at the end of January, up from $20bn a year ago.