Man AHL, the flagship computer-driven business run by listed hedge fund firm Man Group, saw profits drop by almost 15% in a year in which sideways markets hit trend-followers hard.

Profits at AHL Partners LLP dropped from $175m to $149m in the 12 months to March 31, according to accounts filed at Companies House this week. Revenues, which are derived from management and performance fees, were also down — dropping 12% over the year to $248m.