Turnover and profits both fell at London-based Ruffer LLP for the year to 31 March 2021, according to its latest results which have just been deposited at Companies House.

The former came in at £159.5 million, a £1.6 million or 1.0 percent reduction on the previous year.

Operating profits amounted to £88.4 million, £6.1 million or 6.5 percent lower than the £94.5 million reported for the year to 31 March 2020.

This reflected a £4.5 million or 6.8 percent increase in administrative costs as the partnership increased its headcount from 302 to 323 during the year, a 7.0 percent increase.

Profits b...