At first sight the latest set of accounts for London-based Saranac Partners do not make very good reading.

Revenue did increase by around 25 percent from £1.21 million to £1.65 million. And although costs fell by £714,706 from £13.93 million to £13.21 million Saranac still ended 2018 recording a loss of £13.30 million to take the accumulated losses to date to £45.14 million.

Its directors’ report reads much better, however.

In addition to confirming Saranac’s credentials as a going concern this states than the firm can break even during 2020.

For this to occur client assets under managemen...