Ardevora Asset Management, the investment boutique founded by former Liontrust managers Jeremy Lang and William Pattisson, reported a year of steady growth in 2018 — a moderation from its breakneck expansion the year before.

Profits at the firm rose 12% during the 12 months ended March 31 to £22.9m, on the back of a 17% increase in fee revenues to £27.7m. The highest-paid partner took home £8.5m, up from £6.4m in 2017.