Patrick Degorce, a founding member of The Childrenâ??s Investment Fund, has launched his new hedge fund, called Theleme Partners, with an estimated $200m (£122m) under management.

The start-up has been one of the most widely anticipated of the past 12 months and is expected to raise between $700m and $1bn when it opens its doors to third-parties in two monthsâ?? time.