TT International shrinks as assets and revenue continue to decline
TT International Asset Management, the London hedge fund group founded by Tim Tacchi and owned by Japan’s Sumitomo Mitsui Banking Corp, has reported another year of declining revenue, rising losses and lower headcount, according to a report by eFinancial Careers. Assets under management remain below the level the firm considers necessary to break even. The firm generated £32m ($43m) of revenue in…
London-based hedge fund group TT International Asset Management has faced another year of declining performance, according to a report by eFinancial Careers. The firm, founded by Tim Tacchi and owned by Japan's Sumitomo Mitsui Banking Corp, reported a 7% year-on-year drop in revenue to £32m ($43m) in 2025. This marks the fourth consecutive annual decline and is well below the £79m reported in 2021.
The firm also recorded a £10m loss for the year, up from £9m in 2024, but still significantly lower than the £22m profit generated four years prior.
TT International's workforce shrank by 7% to 101 employees in 2025, after four years of expansion. Average pay remained stable at £250,000 per employee, despite the contraction in headcount. The company attributes its financial struggles to lower assets under management, with the firm ending 2025 with approximately $5bn under management, below its $7bn break-even point. The hedge fund industry, however, continued to grow, with global assets reaching record levels in 2025, approaching $5tn.
The decline in TT International's assets is particularly notable given the expansion of the hedge fund industry. The firm's current position represents a significant reduction from the scale of the business when SMBC acquired it in 2019, when it had approximately $8.4bn in assets under management. TT International did not comment on its latest results.
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