Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Ruffer plans EU office as rising staff costs weigh on profit

Ruffer plans EU office as rising staff costs weigh on profit

Ruffer is to set up a subsidiary in continental Europe to service clients after the UK leaves the European Union in March next year.

In results for the year to the end of March the business also reported that it increased staff numbers 9.1% over the period, with headcount rising from 241 to 263.

Total payroll costs climbed 20%, from £26.1 million in 2017 to £32.8 million. 'This was in line with anticipated hires for additional resource requirements across the business addressing investments in
technology and regulatory demands,' the company said.

The highest amount paid to an individual in the period was £15.1 million versus £18.1 million in both of the last two years.

Despite total client assets rose 9.5% in the period from £19 billion to £20.8 billion. That increase in costs appeared to be one of the factors capping an increase in operating profit at 2.3%, or £132.4 million.

Overall turnover at the group rose inline with client funds, 9.8% higher at £192 million.

‘To meet client needs post-Brexit the LLP [Ruffer] is looking to establish a subsidiary on continental Europe,’ the business said.

Currently, it is unclear where the subsidiary will be located. A spokesperson for Ruffer declined to comment.

During the period, Ruffer received fees of £2.5 million from its Channel Islands business down almost £500,000 from last year (2017: £3,012,567).

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: what this duo did after quitting Hargreave Hale

1 Comment Profile: what this duo did after quitting Hargreave Hale

Two former Hargreave Hale staffers left following its purchase by Canaccord, but insist their move was due to a long term structural industry shift

Wealth Manager on Twitter