Profits fall at Ruffer as funds under management dip

While staff numbers increase

Ruffer has seen a decrease of £200m in its average fee earning funds under management in the year to 31 March, while operating profits have fallen 7.3%.

Funds under management fell 1% from £20.8bn to £20.6bn, while operating profit fell from £132.4m to £122.8m, the firm announced in its annual results. Ruffer ups UK equity exposure as 'storm clouds' clear Turnover - management fees and introductory fees, net of VAT and rebates - also decreased at the firm by 2.1%, falling £4m from £192.8m in 2018 to £188.8m this year. In anticipation of the fallout from Brexit, Ruffer has set up a subsidiary in Paris to enable it to "serve our clients in continental Europe after Brexit", which received approval earlier this year. The investment ...