Ferox, a UK convertible arbitrage hedge fund manager founded by ex-JP Morgan trader Jeremy Herrmann, saw its income fall 70% in the 12 months to the end of November 2005.

Accounts just filed by Ferox Capital Management Limited at Companies House show the manager's income had fallen to £9.7m (€14.4m) from £32.6m the previous year.

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Ferox income tumbles

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