Harry Potter may have cleaned up in the book and film stakes, but Jack Schwager, a veteran of the hedge fund industry, reckons there is still room for a little magic in the markets.

Mr Schwager's Market Wizards fund of hedge funds is about to list on the London stock exchange, where it will become the first listed vehicle to invest purely in managed funds: vehicles run in parallel with a hedge fund but with the assets held by an external custodian.