When the UK’s biggest hedge funds are discussed, a few names tend to crop up repeatedly: Brevan Howard, Marshall Wace, TCI Fund Management, BlueCrest (now Mike Platt’s family office) are the main contenders. Flying further beneath the radar, however, is another fund with a reputation for generosity.
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TT International Asset Management, founded by former Fidelity investment director Tim Tacchi, released the latest set of results for its limited company, TT Asset Management Ltd., last week. They reveal that TT International’s assets under management fell from $8.6bn in 2022 to $6.7bn in 2023 as a result of “net client outflows’ following the retirement of the founding PMs in the midcap team. Since January 2024, that team has instead been run by Nottingham University graduate, Jack Miller, who’s presumably under some pressure to make amends.
TT’s latest accounts also reveal that the fund spent £33m ($42m) of its £45m revenues paying its 105 staff last year. This included pensions and social security costs, along with retention payments relating to its acquisition by SMBC in 2020. When spending on wages, salaries and bonuses alone are split out, TT International Limited pays an average of £274k per head. Senior portfolio managers are given additional payments as members of the partnership.
Despite this, TT says it’s helping its employees cope financially in difficult times. Last year, it introduced Octopus Money “with the intention to help with the cost of living crisis and employees [sic] budgeting.” It also ran Life Sized Monopoly and Crystal Maze team building events.
After spending over 70% of its revenues paying staff last year, TT International Asset Management made a £3.7m loss. This compared to a profit £6.7m in 2022.
Photo by K. Mitch Hodge on Unsplash
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