Jonathan Ruffer labelled 2023 a "down year" due to unexpected market moves in his annual letter to investors, despite a boost to the firm’s 2023 financial results.
In the year to 31 March 2023, Ruffer's assets under management jumped 12% to £25.1bn, up from £22.5bn in 2022, according to accounts published on Companies House. Pre-tax profits rose 7% from £128.6m to £138.6m, with £95m available for discretionary division among the partnership's members, who received £40.4m in remuneration during the period, up from £29.2m in the previous year. At the end of December 2023, however, the firm's AUM stood at £23.7bn, as performance in its flagship strategies took a hit due to market moves. Ruffer cuts bond and equities exposure after 'complacent'...
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