An attractive alternative for families

Protection and long-term compound growth across the generations

Ruffer’s aim is to deliver positive returns, regardless of how the financial markets perform.

Our conservative investment process uses conventional assets in a different way to most managers. It is designed to protect and grow the value of our clients’ assets – avoiding large losses, and harnessing the power of compounding over time.

Put simply, we are a natural partner for families seeking a long-term home for their ‘rainy day’ money.



Single approach - multi-asset and unbenchmarked 


Unchanged since we started in 1994


Long-term returns ahead of cash, inflation and equities
Protection Clients protected from the bursting of the bubble, the credit crisis and the crash in Q1 2020, but please remember past performance is not a guide to future performance
Process Distinctive, clear and repeatable 


Fully integrated into our investment process
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.
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.
We offer a genuinely uncorrelated source of returns, providing real diversification to our family office clients.
Omar Kodmani, Head of International and Institutional
Where does Ruffer fit?

We have a distinctive investment style, offering an alternative to volatile equity investment, hedge funds, and to traditional active fund management.

Our approach is sometimes categorised as ‘dynamic asset allocation’. Typically, family office clients use Ruffer in one or more of the following ways

  • As a low-cost, liquid part of their allocation to uncorrelated alternative assets
  • As part of the growth assets in a strategic asset allocation
  • To preserve wealth for the next generation
Our investment service

Ruffer provides a discretionary investment management service to family offices in a number of countries worldwide.

Families investing with Ruffer can have their own segregated portfolio, or invest via a pooled fund.

Segregated portfolios can be tailored to clients’ requirements – to incorporate investment restrictions, for example.

Ruffer can also act as a thought partner for our family office clients, sharing expertise on, for example, asset allocation and ESG.

As a private partnership with a genuinely long-term investment strategy, Ruffer’s culture, ethos and timeframe are all closely aligned with those of its family office clients.

A changing of the guard is also the way of the world – and on its way. We are preparing for a time when high taxes – on capital gains, wealth, and income – effectively constrain capital accumulation.
Jonathan Ruffer , Chairman
For investors, natural capital is no longer purely an environmental concern. It is also a financial one, that should not be ignored.
Alexia Palacios, Analyst, Responsible Investment
The markets have wired themselves to the wrong inevitabilities.
Henry Maxey, Chief Investment Officer, ON THE DEFLATION MACHINE
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France