The Children's Investment Fund Management, a UK hedge fund manager known for a series of high profile corporate battles, has recorded a drop of more than 80% in its profit before tax as a result of reduced investment performance.

The company reported a profit before tax and minority interests of just over £101m over the 18 months to February 28, 2010, according to the financial statements of The Children's Investment Fund Management Limited, which have just been published at Companies House.