A first glance at its latest accounts suggest that the road to profitability for Saranac Partners, the full-service private investment office launched by former senior managers at Barclays Wealth, hasn’t got much shorter.

At £7.90 million the pre-tax loss for the year to 31 December 2020 was a £1.90 million or 19.40 percent improvement on the pre-tax loss of £9.81 million recorded for the previous year. This took the firm’s accumulated losses since its incorporation on 15 May 2015 to £62.85 million.

A closer look at the accounts, supplemented by additional information provided by the firm, however, presents a ro...