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 2025, a 7% decline from the previous year and the fourth consecutive annual fall. Revenue is now well below the £79m reported in 2021.

TT International also recorded a £10m loss for the year, compared with a £9m loss in 2024. Four years earlier, the firm had generated a £22m profit.

The deterioration has coincided with a reduction in its workforce. Headcount fell 7% during 2025 to 101 employees, following four years of expansion.

Average pay remained broadly stable, edging up to £250,000 per employee from £249,000 a year earlier. The increase, however, represented another decline in inflation-adjusted terms, according to the company’s financial figures.

The firm attributed the pressure on its financial performance primarily to lower assets under management. TT International ended 2025 with approximately $5bn under management, below the roughly $7bn level it identifies as its group break-even point.

The firm described the year as challenging for asset gathering, while noting that active asset managers across the industry faced difficult conditions.

The decline in TT International’s assets is notable given the wider expansion of the hedge fund industry. Global hedge fund assets reached record levels in 2025, with industry assets approaching $5tn, according to Hedge Fund Research.

TT International’s current position also represents a significant reduction from the scale of the business when SMBC acquired the firm in 2019. The Japanese bank bought TT International when it had approximately $8.4bn in assets under management.

TT International reportedly did not comment on its latest results.