Management and performance fees at Rubicon Fund Management fell 47% in the 12 months to March 31, 2015, even though the Mayfair-based hedge fund manager's fund has outperformed the wider global macro sector over the past two calendar years.

Rubicon Fund Management's management and performance fees in the year ended March 2015 totalled £8.7 million, according to the firm's latest accounts filed with Companies House. That was down from the £16.4 million the previous year, when fees had more than quadrupled from £4 million in the 12 months to March 31, 2013.