A big increase in hiring together with the decision to take the cost of external research onto the profit and loss account hit profits at London-based Waverton Investment Management, the UK private client investment manager ultimately owned by the Bermuda-based Somers Group.

Pre-tax profits for the year to 30 September came in at £7.63 million, £1.06 million or 12.24 percent lower than the £8.70 million recorded a year earlier.

This occurred despite both revenues and assets under management increasing.

The former increased by £2.28 million from £35.21 million to £37.49 million, a 6.46 percent increase.