Sandaire, the family office bought by Schroders in September, has posted its 2019 results, showing the firm was still struggling with profitability in the year prior to the acquisition.

While 2019 revenue was up by more than a third year-on-year, to £8.2 million, operating costs also rose, 22.4 percent or £1.9 million to £10.1 million.

The increase in costs was mostly staff related. The total compensation bill was up by £1.8 million and the average number of employees grew from 34 in 2018 to 46 in 2019.

The firm made an operating loss of £2.2 million, a ...