Profits at Egerton Capital Management, one of the chief backers of activist Chris Hohn's recent campaign at the London Stock Exchange, fell by more than a fifth last year as a decline in fund management fees took its toll.

Profits before tax at the hedge fund firm were £106.2m over the 12 months to March 31 2017, according to the accounts for Egerton Capital Limited, filed on January 3. That was 22% down on the previous 12 months, when the company made £135.8m.