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Tim Tacchi's hedge fund is growing despite poor results

Hedge funds have in the last few weeks been posting their 2022 results, usually with massive gains and compensation packages (hedge funds attract finance’s best traders, who tend to really distinguish themselves in high-volatility years like 2022).

The latest to publish results is TT International, which was founded by Tim Tacchi in 1988 (and acquired by SMBC in 2020). They weren’t exactly spectacular.

Revenues at the hedge fund fell by around 20%, from £79m ($99m) to £64m ($80m). Profits were down by the same proportion, from £73m ($92m) to £59m ($74m).

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Falling revenues & profits hasn’t stopped the hedge fund from expanding its footprint, however. It went from 96 to 102 employees from 2021 to 2022, although compensation didn’t go up to match – salaries and bonuses went from an impressive £298k ($376k) per head in 2021 to a still-impressive £289k ($365k) per head in 2022.

Whilst the media-shy Tacchi might be better known these days for his ownership of the Testbourne Estate in Hampshire, which features an equestrian center and underground swimming pool, that doesn’t mean his hedge fund exploits have been forgotten. Tacchi ceased to be a “person with significant control” of TT International early last year, and the company’s website lists him as a “Founder and Non-Executive Chairman”, implying a less hands-on role in the company.

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AUTHORZeno Toulon

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