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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).

 

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