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You don't have to work in Mayfair to be employed by a top UK hedge fund. Until recently, you could work for Tudor Capital in a leafy estate in Epsom. Tudor Capital is now moving to London's Regent's Street, but that doesn't mean hedge funders' dream of the pseudo-pastoral-outside-London life is over. A new UK hedge fund cluster is thriving in Oxford.

We know this because the uninspiringly-named 'Dymon Capital Asia' fund has recently re-branded itself as 'Port Meadow Capital.' Port Meadow is an ancient area of common land on the outskirts of Oxford not far from Jericho, the city's 'bohemian centre.'

With five registered employees and offices in Oxford city centre, Port Meadow is doing very well. Financial News just named it the best new hedge fund of the year. It reportedly returned 4% to the end of March, which is deemed impressive given that the fund was also building its exposure of that period.

Port Meadow isn't the only impressive hedge fund in Oxford. Expansionary Winton Capital was also conceived in the City. Man Group set up the Oxford-Man Institute of Quantitative Finance to train up hedge fund professionals in 2007 and says it's developed 'automated market cleansing tools' and AHL's 'latest high performance computing infrastructure' in its Oxford office.

Unfortunately, the influx of hedge fund types may be contributing to a change in Oxford's formerly rarefied and bohemian character. Oxford is now the UK's most unaffordable place to live. A four bedroom house in 'boho' Jericho costs £1.7m. 

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