All-weather investing

Seeking good positive returns.

Come rain or shine.

About

Thinking

Careers

Contact

Select Location

Europe

Australia

Asia

Middle East

Channel Islands

Rest of world

Type of investor

Individual investors

Institutional

Charity

Family office

Financial planner

Individual investors

Institutional

Charity

Wholesale

Institutional

All investors

contact

ruffer@ruffer.co.uk

London

80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Edinburgh

31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

Paris

103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

In This section

Jonathan Ruffer

Chairman

Trained as a stockbroker and barrister before moving into private client investment management in 1980, with Dunbar Fund Managers. Formerly Chief Investment Officer of Rathbone Bros plc. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004.

Robin Hindle Fisher

Deputy Chairman

Spent over twenty five years in institutional fund management at leading firms including Henderson, where he led the pension fund business and was on the PLC board, and Phillips & Drew Fund Management, where he was ultimately CEO. Robin is a Durham graduate and a Sloan Fellow at London Business School. He now works as a business coach and executive mentor and is a partner at Hay Hill Partners LLP.

Clemmie Vaughan

Chief Executive Officer

Joined Ruffer in 2005 and manages investment portfolios for individuals, trusts, charities, and pension funds. She is a Governor of St Mary’s Ascot. She completed the Advanced Management Program at IESE in Barcelona in 2017 and holds an honours degree in economics and geography from Exeter University. She became Chief Executive in April 2017.

Henry Maxey

Chief Investment Officer

Joined Ruffer in 1998 after graduating from Oxford University with a first class honours degree in economics and management. He became a CFA charterholder in 2003. He managed the LF Ruffer Total Return Fund and LF Ruffer Equity & General Fund between 2001 and 2006. He joined the Executive Committee in 2006 and became Chief Investment Officer in 2010. Between 2012 and 2017 he combined this role with that of Chief Executive. Following the company’s growth, he relinquished the CEO role in April 2017 to focus on leading Ruffer’s investment strategy.

Michael Gower

Chief Financial Officer

Joined Ruffer in 2021 from Vanguard where he was CFO for Europe and International. Started his career in fixed income at Lehman Brothers, subsequently working at Rabobank and Robeco. He holds an honours degree in modern languages from Cambridge University.

Fleur Meijs

Non-Executive Director

Former financial services partner at PwC, specialising in complex audits and high–profile advisory projects for financial institutions, mainly investment banks. Alongside her corporate non–executive directorships with Ruffer, Fidelity European Values plc and Invesco Asia Trust plc., she is active in the charity sector with United World Colleges (UWC). Fleur joined Ruffer’s Management Board in 2018.

Campbell Fleming

Non-Executive Director

Trained as a barrister in Australia before moving to the UK in 1995 and into the investment management industry in 1997, with Robert Fleming Asset Management (RFAM). Formerly Global Head of Distribution with Aberdeen Standard Investments, CEO of Columbia Threadneedle Investments and Head of UK for JPMorgan Asset Management after the merger of JPMorgan and Chase which had acquired RFAM. He also chairs The Big Exchange Limited and has served on various industry bodies and boards. Joined Ruffer’s Board and its sub-committees in July 2021.

Miranda Best

Head of Investments

Joined Ruffer in 2005 after graduating from Durham University with a first class honours degree in economics. She became a CFA charterholder in 2009. She has managed the Ruffer illiquid strategies funds since 2011 and became head of the specialist funds in 2016.

Paula Walter

Chief Operating Officer

Joined Ruffer in 2016 from Newton Investment Management, where she was the Chief Technology Officer. She began her career in the technology division of Goldman Sachs in 2000, supporting the equities and investment management divisions. An alumna of the Universities of Cape Town and Oxford, she holds honours degrees in mathematics and linguistics and a DPhil in linguistics.

Luka Gakic

Head of UK Wealth

Before joining Ruffer in 2011, he spent four years at Lehman Brothers, and then Nomura, where he worked in equity financing and delta–one sales. He graduated from Oxford University in 2006 with a degree in Philosophy, Politics and Economics.

Omar Kodmani

Head of International and Institutional

Joined Ruffer in 2019 from EnTrust Permal, a specialist in alternative investments. He originally joined what was the Permal Group in 2000 and held a number of roles there including Chief Executive, and Head of International. He holds a BA in economics from Columbia University, an MBA Finance from NYU-Stern, and is a CFA charterholder.

Gillian van Maaren

Head of HR

Previously Global Head of HR at CQS, prior to which she worked in HR at Jupiter Asset Management. Gillian has a wealth of HR experience with roles in asset management, energy and property. She joined Ruffer in 2019.

Aled Smith

Deputy Chief Investment Officer

Joined Ruffer in 2021 from an Investment Director role at JO Hambro Capital Management. Previous roles include leading the global equities division at M&G Investment where he successfully managed a number of funds including the M&G Global Leaders Fund.

Ruchir Asnani

Research Director

Previous work includes six years as an auditor with Deloitte and PriceWaterhouseCoopers, an accounting–based pan–European role in equity research at CFRA/Risk Metrics and two years as a research analyst at AKO Capital. He graduated with a Masters in Business from Oxford University in 2007 and joined Ruffer in 2012.

Marnoch Aston

Research Director

Joined the Financial Stability Directorate at the Bank of England in 2008, prior to which he was a founding partner of Clematis Capital. He has an MSc in Economics and Finance from Warwick University and joined Ruffer in 2012.

Chris Bacon

Senior Adviser

Worked at the Foreign Office, UBS and Barclays before joining Rothschild in 2007. He holds a first class honours degree in Economics and International Development from the University of Bath and studied marketing at London Business School. He joined Ruffer in 2017.

Hamish Baillie

Investment Director

Joined Ruffer in 2002. He founded and manages the Edinburgh office of Ruffer LLP which opened in September 2009 and is a director of Ruffer (Channel Islands) Limited. He manages investment portfolios for individuals, trusts, charities and pension funds and is the lead manager of the Ruffer Investment Company, which is listed on the London Stock Exchange. He is a member of the Chartered Institute for Securities & Investment and a graduate of Trinity College Dublin.

David Ballance

Investment Director

Previously International Equities Head at Rothschild Private Management and European Equities Head at Rothschild Asset Management. He graduated from Oxford and was a Senior Investment Manager at Allied Dunbar, before moving to Threadneedle as Head of European Equities. He joined Ruffer in 2006 and manages a number of segregated portfolios for institutional and private clients.

Toby Barklem

Business Development Director

Joined Ruffer in 2017, having spent five years at Standard Life Aberdeen in a variety of business development roles focused on financial advisers. He studied history, initially graduating from Exeter University in 2003 and then latterly Imperial College London. Following this he spent seven years as an officer in the British Army.

Alex Barnett

Research Director

Joined Ruffer in 2013, after spending 12 years on the sell side. Began his investment career in Canada in 2000 focusing on healthcare, before moving in 2005 to Jefferies International in Paris, researching pan–European small/mid caps, and then industrials. He is a CFA charterholder.

David Benson

Investment Director

After graduating from Oxford University, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.

Edwina Blackford

Governance Director

Joined Ruffer in 2012 having spent several years working in the financial services industry, principally for Loudwater Investment Partners, a pre–IPO private equity investment business, and Panmure Gordon, an AIM listed stockbroker.

Benjamin Boucher–Ferté

Investment Director

Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.

Alice Brader-Ellis

Investment Director

Graduated in 2002 from Durham University with a BA (Hons) in Chinese and Management, and began her career with Bloomberg in London and Hong Kong. In 2007, while still in Hong Kong, she joined JPMorgan Asset Management, and in 2014 transferred back to London with JPMorgan Private Bank as part of the International Manager Selection team. She joined Ruffer in 2017.

Des Brennan

Research Director

A graduate of City University Business School he worked as an equity research analyst at Sun Life of Canada and ICI Investment Management before joining Clerical Medical Investment Group in 1995. In 2006 he moved to Thornhill Investment Management and joined Ruffer in 2011 to launch the Ruffer UK Mid and Small Companies Fund.

Sophie Burke-Murphy

Investment Director

Joined Ruffer in 2012. Previously at Global Asset Management (GAM) for five years as a Junior Analyst and then as a Portfolio Manager’s Assistant. A graduate of Bristol University, she is a qualified Chartered Alternative Investment Analyst and completed the CISI Private Client Investment Advice and Management Paper in 2012.

Martyn Cane

Investment Operations Director

Prior to joining Ruffer in 2010, he worked at GLG Partners as the corporate actions manager. He brought with him 15 years of operational experience spanning a variety of operational functions at HSBC, Pershing and Société Générale.

Peter Carew

Investment Director

Previously portfolio manager and Head of Private Clients with Credit Suisse UK Ltd, having been a Divisional Director with Carr Sheppard Crosthwaite. Prior to his career in the City, he was in the Army. He holds an MBA from London Business School and he joined Ruffer in 2002.

Alexander Chartres

Investment Director

Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics. Alex worked closely with Clemmie Vaughan and Jonathan Ruffer for six years. In 2012, he became a member of the Chartered Institute for Securities & Investment, achieving a merit in the Private Client Advice and Management paper. He specialises in geopolitics and its investment implications, with a particular focus on European and Great Power politics. He is a co-manager of the LF Ruffer Total Return Fund.

Martin Cullen

Finance Director

Joined Ruffer in 2019 from the ED&F Man Group where he worked in corporate development, risk and most recently as CFO of the Grains division. Started his career at Chemical Bank, before working in various trading roles with Chase Manhattan and JPMorgan. He holds an honours degree in engineering from Oxford University and an MBA in finance from the Yale School of Management.

Bertie Dannatt

Investment Director

Joined Ruffer as a graduate trainee in 2008, following five years in the British Army. A University of Durham graduate, he qualified as a member of the Chartered Institute for Securities & Investments (CISI) in 2010 and became an Investment Director in 2015.

Jamie Dannhauser

Economist

Prior to joining Ruffer in 2014, he spent seven years as a senior economist at Lombard Street Research, an independent macroeconomic research consultancy, with a specific focus on the UK, US and eurozone economies. He graduated from the University of Cambridge in 2006 with a first class honours degree in Economics. He is currently a member of the IEA’s Shadow Monetary Policy Committee.

Hermione Davies

Investment Director

Previously Managing Director of Bessemer Group (UK) Limited, she was Chief Investment Officer of the group’s non–US investments. She graduated from Oxford and started her career at NatWest Bank prior to becoming a Fund Manager of a Japanese–Pacific Unit Trust at Guinness Mahon & Co Ltd. She joined Ruffer in 2009.

Jon Dye

Head of Research

Prior to joining Ruffer in 2010, undertook accounting–based pan–European equity research at CFRA/Risk Metrics. Previous roles included Investment Analyst at Dye Asset Management and Newton Asset Management. He has a first class honours degree in government and economics from the London School of Economics.

Laetitia East

Investment Director

A graduate of Oxford University, Laetitia joined Ruffer in 2012, completing the CISI Wealth Masters in 2015. Having previously managed a private wealth team, investing separately managed accounts, Laetitia now works on the International and Institutional team and is focused on growing Ruffer’s US business.

Richard Edwards

Head of Dealing

Joined the IT team at Phillips & Drew in 1996. He worked with Dye Asset Management, a hedge fund start up, in 2000, where he covered a number of roles before concentrating on dealing. After moving to Ecofin in 2007, he joined Ruffer in 2010 as Senior Dealer. He progressed to Head of Dealing in 2012.

Lauren French

Investment Director

After graduating from Oxford University she worked at JO Hambro Capital Management, assisting with the transition of James Hambro & Partners LLP. Joined Ruffer in 2010 and became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012, receiving a merit in the Applied Wealth Management paper.

Tim Gordon

Director - UK Wholesale

Alex Grispos

Investment Director

Graduated from Imperial College with a first class degree in mechanical engineering. He started in equity research in 1998 at Alpha Trust in Greece and then worked in venture capital for six years. He then joined Top Technology Ventures in the UK, and subsequently became Investment Manager with RTF based in London and St Petersburg, Russia. He joined Ruffer in 2005 and manages the LF Ruffer Equity and General Fund.

Jacques Hirsch

Research Director

Prior to joining Ruffer in 2011, he spent over ten years in fund management and macro research at firms including Goldman Sachs, GLG Partners and Fulcrum Asset Management. He graduated from École Centrale Paris in 1999, and holds an MSc in Mathematics from Oxford University. He is co–manager of Ruffer Total Return International.

Nick Horder

Operations Director

Graduate of Leeds University, spent several years within the control department of the investment bank West LB AG in London, Sydney and Tokyo. He became a member of the Chartered Institute for Securities & Investment in 2005 following the completion of his CISI Diploma. He joined Ruffer in 2003.

Alex Jamieson

Research Business Director

Joined Ruffer in 2012 as Risk and Attribution Manager, moving to the Ruffer Mid and Smaller Companies team in 2014. Prior to this, he spent four years at F&C Investments and State Street. Holds a Masters degree in international financial analysis from Newcastle University. He is a CFA charterholder.

Henry Jolliffe

Research Director

Joined Ruffer’s private client team in 2014, having graduated with a degree in law from Cambridge University. He moved to Research to assist the macro team in 2017. He is a CFA charterholder.

Paul Kennedy

Research Director

Joined Ruffer in 2012 from L.E.K. Consulting. He holds a degree in Jurisprudence from Oxford University and an MBA with Distinction from London Business School. He has many years of experience evaluating investments across industry sectors and has managed the LF Ruffer Gold Fund since February 2015.

Alex Lennard

Investment Director

Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of two of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.

Charles Lynne

Investment Director

Joined Ruffer in 2008 after three and a half years at Morgan Stanley Investment Management, including a placement in Asia. He graduated from Durham University with first class honours in Natural Sciences and became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in the Applied Wealth Management paper. He became a Chartered Fellow of the CISI in 2015.

Duncan MacInnes

Investment Director

Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.

Annabel Mackenzie

Investment Director

Worked at F&C Asset Management after graduating from the University of Edinburgh in 2003, with an honours degree in economics. She joined Ruffer in 2006 and became a member of the Chartered Institute for Securities & Investment in 2007, following the completion of her CISI Diploma.

Mary McBain

Investment Director (Asia)

After graduating from Oxford University in 1985, started work at Invesco MIM as a fund manager on the Asian team. After leaving Invesco in 1990, she spent many years living and working in Asia, for GK Goh Securities, Apollo Investment Management and Ballingal Investment Advisors. She joined Ruffer in 2006 and manages the LF Ruffer Pacific Fund.

Sean McCreery

Investment Director

Joined Ruffer in 1999. Manages a broad range of private client, trust, pension, charity, and OEIC portfolios. Previously worked at Duncan Lawrie Private Bank. Prior to that, was part of the institutional team at Cornhill Insurance, having started his investment career at UK Provident. He is a Chartered member of the CISI.

Justine McMullan

Product Director

Joined Ruffer in 2005, taking on various responsibilities within the Operations and Business Projects departments. She became a Product Manager in 2013. Previous work includes roles at West LB AG (London), Citigroup and Société Générale (Sydney, Australia).

Simon Martin

General Counsel

Graduated from Cambridge University then trained as a lawyer at Norton Rose. After three years at Clerical Medical, he joined Gartmore where he spent nine years, latterly as General Counsel for its operations outside the US. He joined Ruffer in 2007.

Tristan Matthews

Research Director

Joined Ruffer in 2009 after graduating with an Economics degree from Cambridge University. After three years assisting a client portfolio manager, he moved to the research department, starting in Hong Kong. Since 2013, he has been based in London, focused on Japanese equities and working on the LF Ruffer Japanese Fund. He is a CFA charterholder.

Lucie Meagher

Investment Director

Joined Ruffer in 2006 after graduating from Exeter University with a BSc (Hons) in Mathematics. She became a member of the Chartered Institute for Securities & Investment (CISI) in 2009, following the completion of a Diploma in Investment Compliance and the CISI Diploma, receiving a credit in the Private Client Advice and Management Paper.

Philipp Mitterbauer

Head of Tax

Joined Ruffer in 2009 after having worked at law and accountancy firms in the private client tax sector. He graduated in Law from Regensburg University in 2003, and trained as a lawyer in Germany where he qualified as ‘Rechtsanwalt’ in 2006. He holds an LLM in International Business Law from Exeter University, and is a member of the Association of Taxation Technicians. He sits on various working groups at HMRC where he represents the Personal Investment Management and Financial Advice Association (PIMFA).

David Moos

Investment Director, Paris

Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.

Phil Morris

Investment Director

Graduated from Cambridge University then trained as a Chartered Accountant. He then managed his family’s farming business before moving into private client investment management with Barclays de Zoete Wedd Portfolio Management (which became Barclays Private Bank), latterly as Chief Investment Officer. He joined Ruffer in 2005.

Simon Mountain

Research Director

Previously at Bain & Company, having gained ten years’ experience as a strategy consultant. Started his career in PwC Transaction Services advising on European private equity deals. Graduated from University of Cambridge with a Master’s degree in Manufacturing Engineering. He joined the LF Ruffer European Fund team in 2013, becoming co–manager in 2016.

Kentaro Nishida

Investment Director (Japan)

After obtaining a BEcon in Japan and studying Russian in Moscow he worked as an interpreter in both Russia and the UK. He moved into equity sales in 1988 for James Capel & Company Limited and then SG Warburg Securities in 1989. He joined Ruffer in 2008 to concentrate on Japanese equities and manages the LF Ruffer Japanese Fund.

Jos North

Investment Director

Joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager of the LF Ruffer Absolute Return Fund.

Dominic Pearson

Investment Director

A graduate of Manchester University, he was previously at NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. He joined Ruffer in 2004 and manages approximately £500m across a variety of client types including private clients, charities, institutional, pensions and private OEICs. He is a Fellow of the Chartered Institute for Securities & Investment.

Oliver Pile

Investment Director

Joined Ruffer in 2009 after three years at Gillespie Macandrew as a trainee investment manager. Graduated from Northumbria University in 2006 with an honours degree in Business Studies. He also worked for State Street and is a member of the Chartered Institute for Securities & Investment.

Emma Potter

Facilities Director

Graduated from Royal Holloway University before joining Ruffer in 2004. She became a Member of the British Institute of Facilities Management in 2011 and is Secretary for the Committee of the Catering and Hospitality Special Interest Group. She is Chair of the Victoria Partnership’s Sustainable Prosperity steering group which deals with corporate and social responsibility issues for the local community.

Victoria Powell

Regulatory Policy Director

Joined Ruffer in 2016, from the British Banking Association, previous to which she spent nine years in Paris as a Director at the European Securities Markets Authority, the European Commission’s regulatory authority and its founding body, the Committee of European Securities Regulators. Prior to this, she worked at the UK’s financial regulator, the Financial Services Authority and held various positions in Central Policy and in the Prudential Policy Department. She graduated in 1995 with a BA honours degree in East Asian Studies and Korean language from the University of Newcastle Upon Tyne.

Christopher Querée

Investment Director

Previously Director at Le Masurier, James & Chinn, now absorbed within the HSBC Group. He spent thirteen years there, with responsibility for offshore private clients, moving to Chiswell Associates in 2001 to focus on charity fund management, before joining Ruffer in 2004 to help develop the firm’s charity business. He holds an MBA from Henley Management College and is co-manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.

Ian Rees

Investment Director

Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst covering emerging markets, and is a CFA charterholder.

Sabine Remnant

Investment Director

Joined Ruffer in 2005 after graduating from Bristol University. She became a member of the Chartered Institute for Securities & Investments in 2009 following the completion of her CISI Diploma, with a credit in the Private Client Advice and Management Paper.

Jenny Renton

Investment Director

Joined Ruffer in 2013 and leads Ruffer’s US team and co-manages two of Ruffer’s flagship funds, alongside managing a number of separately managed accounts for endowments and foundations. Prior to joining Ruffer, she worked with oil and gas companies on their corporate and financial strategies, before joining the fund team at Ingenious Investments, an alternatives investment house. She is a CFA charterholder.

Cecile Rousseau

Technology Director

Joined Ruffer in 2017, after ten years in various global technology roles at JPMorgan Asset Management. Prior to this, she worked at Accenture as a senior manager for multiple financial services clients. She graduated from ICN, Nancy University in France and holds a MBA from Aston University.

Emma Rutter

Investment Director

Joined Ruffer in 2001 after graduating from Edinburgh University with an honours degree in economics and business studies. She is a member of the Chartered Institute for Securities & Investment, following the completion of her CISI Diploma in 2004.

Steve Russell

Investment Director

Graduated from Oxford in Philosophy, Politics and Economics and started work as an equity analyst at Confederation Life in 1987, where he became Head of Equities in charge of £5 billion of equity funds. In 1999 he moved to HSBC Investment Bank as Head of UK and European Equity Strategy, before joining Ruffer in 2003. He became a non–executive director of JPMorgan Fleming Continental Investment Trust in 2005 and is co–manager of the LF Ruffer Total Return Fund.

Harry Sevier

Investment Director

Joined Ruffer in 2008 after graduating with an MA Honours degree from Edinburgh University. He became a member of the Chartered Institute for Securities & Investment on completing the CISI Diploma in 2010, receiving an Outstanding Achievement Award and a merit in the Private Client Advice and Management Paper. He manages investment portfolios for individuals, trusts and charities.

Matt Smith

Investment Director

Joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having received a distinction in the financial derivatives paper. He sits on the senior asset allocation committee and co-manages two of Ruffer’s flagship funds.

Kevin Smith

Investment Director

Joined Ruffer in 2005 after moving to the UK from South Africa, where he briefly worked in the private wealth division of a big four bank. He has an honours degree in finance and is a member of the Chartered Institute for Securities & Investment, following the completion of his CISI Diploma in 2008.

Louise Stanway

Compliance Officer

Joined Ruffer in 1999 after graduating with an honours degree in accountancy and law and became Ruffer’s Compliance Officer in 2007. During 2004, she spent seven months seconded to the Personal Investment Management and Financial Advice Association (PIMFA, formerly WMA). Louise has been a Director of the Joint Money Laundering Steering Group since 2004 and was appointed as its Chairman on 1 July 2016. She has also chaired the PIMFA Financial Crime Committee since 2007.

Nicola Taskis

Projects Director

Joined Ruffer in early 2018 to create the Projects team, following 12 years in various technology and program management roles at Goldman Sachs. Prior to this, worked at Gartmore Investment Management, and as a software consultant. Holds a Bachelor of Business Science degree, with honours in information systems, from the University of Cape Town.

Claire Titmarsh

Research Director

Joined Ruffer in 2005 after graduating with a first class honours degree in economics and finance from the University of York. She joined the LF Ruffer European Fund team in 2011, becoming co–manager in 2016.

Andrew van Biljon

Research Director

Joined Ruffer’s institutional client team in 2010 following the completion of his MPhil in economics at Oxford. He moved to the Research team in 2011 to assist with macroeconomic analysis and derivative strategies.

Emma Varley

Investment Director

Joined Ruffer in 2012 after graduating from St Andrews University with a first class honours degree in History. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management.

Russell Vickers

Head of Risk, Performance & Reporting

Prior to joining Ruffer in 2010, he worked at GLG Partners as the new business and transitions manager. He brought with him 15 years of operational experience spanning a variety of middle and front office support functions at Prudential Portfolio Managers, Merrill Lynch, BNYM and Société Générale.

Piers Wheeler

Director - International & Institutional

Joined Ruffer in 2021 to assist with business development and client servicing across EMEA. Previously worked with asset management firms including Eastspring, AMP Capital and L.E.K. as a strategic consultant. He holds a MA from Cass Business School and a BA (Hons) from the University of Oxford.

Trevor Wild

Research Director

Worked for BZW from 1983, where he led a number of successful research teams, joining Commerzbank in 1999 to begin his career as a Portfolio Manager. In 2005 moved to Lehman Brothers as Managing Director of the Long Term Value Fund. He joined Ruffer in 2008 and is manager of the Ruffer UK Mid and Small Companies Fund.

John Wong

Research Director

Joined the LF Ruffer Gold Fund team in 2014. Prior to this, he ran several specialist commodity funds at CQS. He previously co-managed LF Ruffer Equity & General and LF Ruffer Total Return Fund. He is a chartered accountant and a CFA charterholder.

Shaheen Zaman

Research Director

Graduated in 2003 from the Indian Institute of Technology Bombay with B Tech in engineering physics, working in equity research, quantitative equity research, derivatives, and game design until 2008. Joined Ruffer in 2010, having received an MBA with distinction from the London Business School.

Alexander Bruce

Investor Relations Manager

Graduated from the University of Newcastle upon Tyne with a degree in English Literature. Joined Ruffer in 2003. He has worked in product management and investor communications and became a Fund Relations Manager in 2017.

Kathryn Forsyth

Investment Manager

Joined Ruffer in 2016, having graduated with a degree in Spanish and international management from the University of Bath. She became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management in 2019.

Sahil Gaba

Research Analyst

Joined Ruffer in 2007 after receiving his MBA from the Said Business School (Oxford University). Prior to that, he briefly worked in India as a technology consultant at Headstrong Corp. He is a graduate of the Indian Institute of Technology Delhi, where he studied mechanical engineering.

Julien Galichet

Investment Manager, Paris

Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).

Rory Goodman

Investment Manager

Joined Ruffer in 2014 having graduated from Durham University with a first class honours degree in Economics. He is a member of the CISI and a Chartered Wealth Manager, having achieved a merit in both the Applied Wealth Management and Portfolio Construction Theory papers.

Joshua Gunson

Business Development Manager

Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.

Thomas Hardy

Investment Manager

Joined Ruffer in 2010 after graduating from Bristol University with an honours degree in history. In 2013 he became a member of the Chartered Institute for Securities & Investments, following the completion of his CISI Diploma, receiving a merit in the financial markets paper. He spent 2015 working as an equity analyst in Ruffer’s Hong Kong office and is currently on the investment committee for a London livery company.

Charalee Hoelzl

Investment Manager

Joined Ruffer in 2014 after graduating from James Cook University, Australia, with a first class honours degree in law and business. She initially worked in the Compliance department and now works within Ruffer’s institutional team. She received a distinction in the Private Client Investment Advice and Management paper in 2017 and passed Level II of the CFA Program in 2019.

Rachel Holdsworth

Investment Manager

Joined Ruffer in 2013 after graduating from Oxford University with a first class honours degree in biological sciences. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in both the Private Client Investment Advice and Management and Portfolio Construction Theory papers.

Ajay Johal

Investment Manager

Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust.

Fiona Ker

Investment Manager

Joined Ruffer in 2017, in Edinburgh. Graduated with an honours degree in singing performance from the Royal Conservatoire of Scotland and went on to qualify as a chartered accountant with Ernst & Young. She passed the Investment Management Certificate in 2017.

Tom Matterson

Investment Manager

Joined Ruffer in 2016 from Bishops Rock Capital, a boutique corporate finance advisory firm, where he worked as an investment analyst. He spent 2020 working as an equity analyst in Ruffer’s Hong Kong office. He holds a BA in economics and geography from the University of Leeds, and is a CFA charterholder.

Céline Matuszewski

Investor Relations Manager

After a Master’s degree in Economic Sciences at Panthéon–Assas University and Postgraduate studies in Wealth Management, she became a bond portfolio manager for Banque Transatlantique in Luxembourg, before moving to HSBC in France. She held several positions during her 12 year tenure, including looking after some of the wealthiest French families, and was ultimately a product specialist in the Wealth Management Group. Joined Ruffer in 2013.

Alexia Palacios

Analyst, Responsible Investment

Joined Ruffer in 2014 after graduating from the University of Cambridge with first class honours in land economy. Having gained experience in responsible investment while working with Ruffer’s charity team, she has specialised in this area since 2018. She has completed the PRI Academy Responsible Investment Essentials and Enhanced Financial Analysis courses and is a CFA charterholder.

Othmane Rachedi

Investment Manager

Graduated from ESCP Europe with a Masters in Management, Double Major in Finance and Economics. He worked as an intern in several financial institutions, in mergers and acquisitions and asset management before joining Ruffer in 2012. He is a CFA charterholder.

Orlando Roberts

Investment Manager

Graduated from University College London before serving in the British Army for five years. He joined Ruffer in 2011 and became a member of the Chartered Institute for Securities & Investment in 2014.

Tom Saville

Investment Manager

Joined Ruffer in 2013. He graduated from University College London in 2009 and completed the graduate training programme at Brooks Macdonald Asset Management. Tom is a Chartered Financial Analyst and member of the Chartered Institute for Securities & Investment.

Oliver Shale

Investment Manager

Joined Ruffer in 2016 as part of the graduate programme, he now supports the charities team. He has a degree in natural sciences from Cambridge University and has completed both units of the Investment Management Certificate and the Private Client Investment Advice and Management paper.

Anthony Snowden

Investment Manager

Joined Ruffer in September 2010 having previously worked for Barclays Wealth. He graduated from the University of Nottingham with a degree in Economics. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012.

Samantha Stiefel–Sevitt

Investment Manager

Before joining Ruffer in 2014, she worked as a private banker at Barclays, Wealth and Investment Management. She graduated from the University of Nottingham in 2009 with an honours degree in finance, accounting and management and is a CFA charterholder.

Clemmie Vaughan

Chief Executive Officer

Luka Gakic

Head of UK Wealth

Omar Kodmani

Head of International and Institutional

+44 (0)20 7963 8183

Hamish Baillie

Investment Director

David Ballance

Investment Director

David Benson

Investment Director

+44 (0)20 7963 8204

Benjamin Boucher–Ferté

Investment Director

+44 (0)20 7963 8179

Alice Brader-Ellis

Investment Director

+44 (0)20 7963 8270

Sophie Burke-Murphy

Investment Director

Peter Carew

Investment Director

Alexander Chartres

Investment Director

Bertie Dannatt

Investment Director

+44 (0)20 7963 8226

Hermione Davies

Investment Director

Laetitia East

Investment Director

+44 (0)20 7963 8299

Lauren French

Investment Director

+44 (0)20 7963 8131

Alex Lennard

Investment Director

+44 (0)20 7963 8103

Charles Lynne

Investment Director

Duncan MacInnes

Investment Director

+44 (0)131 202 1605

Annabel Mackenzie

Investment Director

+44 (0)20 7963 8108

Sean McCreery

Investment Director

Lucie Meagher

Investment Director

David Moos

Investment Director, Paris

+33 1 88 45 02 52

Phil Morris

Investment Director

Jos North

Investment Director

Dominic Pearson

Investment Director

Oliver Pile

Investment Director

Christopher Querée

Investment Director

+44 (0)20 7963 8110

Ian Rees

Investment Director

Sabine Remnant

Investment Director

Jenny Renton

Investment Director

+44 (0)20 7963 8287

Emma Rutter

Investment Director

+44 (0)20 7963 8117

Steve Russell

Investment Director

Harry Sevier

Investment Director

Matt Smith

Investment Director

+44 (0)20 7963 8290

Kevin Smith

Investment Director

Emma Varley

Investment Director

+44 (0)20 7963 8069

Kathryn Forsyth

Investment Manager

Julien Galichet

Investment Manager, Paris

Rory Goodman

Investment Manager

+44 (0)20 7963 8266

Thomas Hardy

Investment Manager

Charalee Hoelzl

Investment Manager

Rachel Holdsworth

Investment Manager

+44 (0)20 7963 8056

Ajay Johal

Investment Manager

+44 (0)20 7963 8040

Fiona Ker

Investment Manager

Tom Matterson

Investment Manager

Céline Matuszewski

Investor Relations Manager

Alexia Palacios

Analyst, Responsible Investment

Othmane Rachedi

Investment Manager

Orlando Roberts

Investment Manager

Tom Saville

Investment Manager

Oliver Shale

Investment Manager

Anthony Snowden

Investment Manager

Samantha Stiefel–Sevitt

Investment Manager

Toby Barklem

Business Development Director

+44 (0)20 7963 8127

Alexander Bruce

Investor Relations Manager

+44 (0)20 7963 8104

Joshua Gunson

Business Development Manager

+44 (0)20 7963 8254

Henry Maxey

Chief Investment Officer

Miranda Best

Head of Investments

Aled Smith

Deputy Chief Investment Officer

Ruchir Asnani

Research Director

Marnoch Aston

Research Director

Alex Barnett

Research Director

Des Brennan

Research Director

Jamie Dannhauser

Economist

Jon Dye

Head of Research

Richard Edwards

Head of Dealing

Alex Grispos

Investment Director

Jacques Hirsch

Research Director

Alex Jamieson

Research Business Director

Henry Jolliffe

Research Director

Joined Ruffer’s private client team in 2014, having graduated with a degree in law from Cambridge University. He moved to Research to assist the macro team in 2017. He is a CFA charterholder.

Paul Kennedy

Research Director

Mary McBain

Investment Director (Asia)

Tristan Matthews

Research Director

Simon Mountain

Research Director

Kentaro Nishida

Investment Director (Japan)

Claire Titmarsh

Research Director

Andrew van Biljon

Research Director

Trevor Wild

Research Director

John Wong

Research Director

Shaheen Zaman

Research Director

Sahil Gaba

Research Analyst

Michael Gower

Chief Financial Officer

Paula Walter

Chief Operating Officer

Gillian van Maaren

Head of HR

Edwina Blackford

Governance Director

Martyn Cane

Investment Operations Director

Martin Cullen

Finance Director

Nick Horder

Operations Director

Justine McMullan

Product Director

Simon Martin

General Counsel

Philipp Mitterbauer

Head of Tax

Emma Potter

Facilities Director

Victoria Powell

Regulatory Policy Director

Cecile Rousseau

Technology Director

Louise Stanway

Compliance Officer

Nicola Taskis

Projects Director

Russell Vickers

Head of Risk, Performance & Reporting

Hamish Baillie

Investment Director

Duncan MacInnes

Investment Director

+44 (0)131 202 1605

Oliver Pile

Investment Director

Fiona Ker

Investment Manager

Mary McBain

Investment Director (Asia)

David Moos

Investment Director, Paris

+33 1 88 45 02 52

Julien Galichet

Investment Manager, Paris

Bertie Dannatt

Investment Director

+44 (0)20 7963 8226

Lauren French

Investment Director

+44 (0)20 7963 8131

Annabel Mackenzie

Investment Director

+44 (0)20 7963 8108

Rachel Holdsworth

Investment Manager

+44 (0)20 7963 8056

Jonathan Ruffer

Chairman

Robin Hindle Fisher

Deputy Chairman

Clemmie Vaughan

Chief Executive Officer

Henry Maxey

Chief Investment Officer

Michael Gower

Chief Financial Officer

Fleur Meijs

Non-Executive Director

Campbell Fleming

Non-Executive Director

contact

ruffer@ruffer.co.uk

London

80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Edinburgh

31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

Paris

103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

All-weather investing

Our people