Declining revenue and soaring administrative costs are proving particularly painful for one partner at Atticus Capital.

The unnamed, best-paid partner at the activist hedge fund’s British office earned £1 million in the year ended March, down from £2.2 million a year earlier. The London office featured four members entitled to profit-sharing, down one from the year ended March 2007.

According to filings at London’s Companies House, Atticus U.K. saw its revenue fall by almost 18% to £4.6 million as administrative expenses soared from £910,365 to £2.1 million.