Profits at Astellon Capital Partners, a hedge fund set up by Morgan Stanley bankers in 2011, were all but wiped out last year in the wake of a collapse in performance fees and senior departures.

Profits available for distribution among the firm's members fell 90% to £427,000 in the 12 months ended March 31, 2017 from a year earlier, according to accounts filed this week at Companies House. This came on the back of a 56% drop in revenues to £4.3m.