Turnover, operating profits and funds under management at London-based Ruffer LLP may have fallen by 2.11 percent, 7.25 percent and 0.96 percent respectively for the year to 31 March 2019 according to its latest annual report and accounts.

But the firm is still extremely profitable.

Indeed Ruffer LLP is one of the few firms active in the UK private client wealth management sector that has consistently generated profit margins, however defined, of more than 50 percent.

Even with operating profits, one of Ruffer LLP’s key financial and performance indicators, falling by £9.60 million from £132.41 million to ...