Fidelity International’s UK business reported a 22% drop in pre-tax profits last year following a double-digit fall in management fee revenues.

Accounts for FIL Holdings (UK) Limited — the holding company for Fidelity’s UK-based business — had pre-tax profits of £81.9m for the 12-month period ending on 30 June 2019. This was down from £105m reported the previous year.