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View the article online at http://citywire.co.uk/wealth-manager/article/a724357

Ruffer wage bill rises 30% as it passes £16 billion mark

by Robert St George on Dec 13, 2013 at 12:18

Ruffer wage bill rises 30% as it passes £16 billion mark

Ruffer has posted a healthy rise across assets, revenues and profits despite a tough year for some of its managers.

Ruffer enjoyed a 14% increase in assets under management to £15.5 billion over the year to the end of March. The group has since hit £16.1 billion of assets, of which over £7 billion is held in open-ended funds.

This growth boosted Ruffer’s turnover for the period by 11% from £132 million to £146 million and its operating profit by 6% from £108 million to £115 million.

Profit was impacted by slightly higher administrative expenses, though, which climbed by 29% to £31 million. Underlying this were a number of new hires, as headcount swelled from 112 to 119 and the wage bill jumped by 30% to £13 million.

Performance in some of Ruffer’s key funds, however, has suffered recently due to an emphasis on assets such as cash, gold and government bonds. Ruffer’s giant £2.8 billion Total Return fund, for example, has slipped into its sector’s bottom quartile over the past three years. The Ruffer investment trust too has lagged, returning 11.7% over the past year compared with an average of 20% from its Global Growth peer group.

In contrast Ruffer’s Japanese fund, managed by Citywire AAA-rated Kentaro Nishida (pictured), has continued to impress. Its 60% return over the past three years places it third in its sector of 66 for the period.

2 comments so far. Why not have your say?

Investment Guru

Dec 13, 2013 at 12:46

Looks like a very good year to be a Ruffer employee.

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Peter Fisher

Dec 13, 2013 at 14:37

An effective 20% increase in fund charges post RDR may also contribute to their profitability.

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