TT International posts fourth year of falling revenue

TT International, the London hedge fund group founded by Tim Tacchi and owned by Sumitomo Mitsui Banking Corp, reported 2025 revenue of £32m, marking a fourth consecutive annual decline. The firm posted a £10m loss for the year and ended 2025 with about $5bn in assets under management, below its roughly $7bn break-even level. Headcount fell 7% to 101 employees.

Revenue for 2025 was down 7% from the prior year and is substantially lower than the £79m reported in 2021. The £10m loss compares with a £9m shortfall in 2024; four years earlier the business recorded a £22m profit. Average pay per employee edged up to £250,000 from £249,000, though the company’s figures show pay has declined in real terms once inflation is taken into account.

The firm ended the year with roughly $5bn under management, below the level it identifies as necessary to break even. The company attributed pressure on financial performance mainly to lower assets under management and described 2025 as a challenging year for asset gathering. The company did not provide further comment on the results.

The reduction in scale contrasts with the business when its parent acquired TT International in 2019, at which point assets under management were about $8.4bn. The smaller asset base has coincided with a reduction in staff following four years of expansion.

Global hedge fund assets reached record levels in 2025, approaching $5tn. The company provided no additional statements regarding plans to change its asset-gathering or cost structure.