Ultra-high net worth-focused investment office Saranac Partners posted another loss in its full-year 2020, taking total accumulated losses since its inception six years ago to £62.9 million.

Revenue for 2020 came in at £7.46 million, more-or-less flat against 2019’s £7.44 million. The firm made an operating loss of £7.44 million in 2020, smaller than the £9.60 million recorded in 2019, due to a reduction in costs.

The smaller expense bill was mostly due to a £1.98 million or 16 percent decrease in personnel costs, down to £10.56 million (2019: £12.53 million).

This was despite the average number of e...