Our People
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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.
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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 Officer in April 2017.
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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.
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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.
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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.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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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 Officer in April 2017.
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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.
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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, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.
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Michael Bayliffe
Investment Director
Worked at the Bank of England in research, then moved into investment management at Phillips & Drew, becoming a partner. Moved in 1988 to Capel–Cure Myers, where he was responsible for a team dealing with charity, ethical and pension fund management and concentrated personally on individual and small group pension schemes. He joined Ruffer in 2002.
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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.
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Michael Bruntisfield
Consultant
Joined Ruffer in 2016, having worked in the asset management industry since 1986. He has broad experience of both directional and absolute return investment strategies and has worked in client–facing roles in Canada, Hong Kong, Luxembourg and UK.
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Harry Buscall
Investment Director
Joined Ruffer in 2009. He is a Cambridge University graduate and worked in Asian equity sales from the mid 1980s, during which time he was head of Asian equity sales globally for UBS and Managing Director of SG Asia’s London–based emerging markets business. He subsequently managed his family’s farming business. In 2010, he became a member of the Chartered Institute for Securities & Investment, receiving a distinction in the Private Client Advice and Management Paper.
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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.
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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.
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Luka Gakic
Investment Director
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.
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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.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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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.
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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.
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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.
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Dominic Pearson
Investment Director
Graduate of Manchester University, previously with NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. Managed several OEIC structures amongst a diverse range of private client and institutional portfolios. He joined Ruffer in 2004.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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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.
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Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder.
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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.
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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.
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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.
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Sophie Burke–Murphy
Investment Manager
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.
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Alexander Chartres
Investment Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in History and Politics. He works closely with Clemmie Vaughan and Jonathan Ruffer and became a member of the Chartered Institute for Securities & Investment in 2012, achieving a merit in the Private Client Advice and Management paper.
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Laetitia East
Investment Manager
Graduated from Oxford University with a degree in Modern History. She is a member of the Chartered Institute for Securities and Investment, having completed the CISI Masters in Wealth Management, receiving a distinction in the Private Client Investment Advice and Management paper. She joined Ruffer in 2012.
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Edward Donati
Investment Manager
Worked at the BBC after graduating from Oxford University in 2007. He joined Ruffer in 2009 and spent four years as an equity analyst in Ruffer’s research team, including a period in Ruffer’s Hong Kong office, before returning to London to manage investment portfolios. He is a Chartered Wealth Manager.
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Lauren French
Investment Manager
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.
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Thomas Hardy
Investment Manager
Joined Ruffer in 2010 after graduating from Bristol University in 2009 with a 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.
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Celine Matuszewski
Investment 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.
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Lucie Meagher
Investment Manager
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.
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Oliver Pile
Investment Manager
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.
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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.
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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.
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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.
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Emma Varley
Investment Manager
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.
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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.
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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, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.
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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.
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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.
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Franziska Jahn–Madell
Director – Responsible Investment
Joined Ruffer in 2014 after working for ten years at EIRIS, a research provider for environmental, social and governance performance, in several positions. Her last role as a Principal Research Analyst at EIRIS mainly focussed on Corporate Governance issues and criteria development. From 1999–2003 she worked at the Moral Theology department at Frankfurt University for the Business Ethics Chair. In 2003 she graduated from Frankfurt University with a MA (distinction) in Theology and a MA (distinction) in Literature.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder.
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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 and the Ruffer Investment Company.
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Edward Donati
Investment Manager
Worked at the BBC after graduating from Oxford University in 2007. He joined Ruffer in 2009 and spent four years as an equity analyst in Ruffer’s research team, including a period in Ruffer’s Hong Kong office, before returning to London to manage investment portfolios. He is a Chartered Wealth Manager.
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Jos North
Investment Manager
Joined the Ruffer graduate scheme 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 a distinction in the Private Client Investment Advice and Management Paper and a merit in the Fund Management Paper.
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Ian Rees
Investment Manager
Joined Ruffer in May 2012 after graduating from the University of Bath with an honours degree in economics. He previously completed a twelve month placement at UBS Global Asset Management. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst, and is a CFA charterholder.
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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.
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Matt Smith
Investment Manager
Joined Ruffer in 2011 after graduating from Edinburgh University with a double first class honours degree in history and German; he spent 2015 working as an equity analyst in Ruffer’s Hong Kong office. He is a member of the Chartered Institute for Securities & Investment, having received a distinction in the Financial Derivatives paper.
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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, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.
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Michael Bayliffe
Investment Director
Worked at the Bank of England in research, then moved into investment management at Phillips & Drew, becoming a partner. Moved in 1988 to Capel–Cure Myers, where he was responsible for a team dealing with charity, ethical and pension fund management and concentrated personally on individual and small group pension schemes. He joined Ruffer in 2002.
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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.
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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.
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Franziska Jahn–Madell
Director – Responsible Investment
Joined Ruffer in 2014 after working for ten years at EIRIS, a research provider for environmental, social and governance performance, in several positions. Her last role as a Principal Research Analyst at EIRIS mainly focussed on Corporate Governance issues and criteria development. From 1999–2003 she worked at the Moral Theology department at Frankfurt University for the Business Ethics Chair. In 2003 she graduated from Frankfurt University with a MA (distinction) in Theology and a MA (distinction) in Literature.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder.
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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.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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Alice Brader–Ellis
Investment Manager
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.
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Celine Matuszewski
Investment 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.
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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.
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Toby Barklem
Business Development Manager
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.
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Alexander Bruce
Fund 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.
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Joshua Gunson
Business Development Manager
Graduated from the University of Nottingham with a degree in philosophy. He became a member of the Chartered Institute for Securities & Investments, after completing the Private Client Investment Advice and Management Paper. He joined Ruffer in 2010 and has worked with both the Product and Fund Relations teams.
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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.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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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 and the Ruffer Investment Company.
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Ashe Windham
Chairman, Ruffer Investment Company Limited
After leaving the army in 1987 he joined Barclays de Zoete Wedd (BZW) and was appointed a Director in 1991. He subsequently joined Man Investments, and became their Global Head of Internal Communications in 2007, before resigning to set up a private family office. He is also a non–executive Director of EFG Asset Management (UK) Ltd and Miton UK MicroCap Trust Plc.
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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.
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Miranda Best
Research Director
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. She joined the Management Board in June 2017.
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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.
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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.
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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.
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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.
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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 and is a CFA charterholder.
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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.
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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.
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James Heal
Research Director
Worked at Lehman Brothers from 2005 to 2007, where he was Executive Director of the Long Term Value proprietary fund. His previous roles include Head of Technology Research at Commerzbank Securities and Director of Regional Asian Technology Research at Indosuez WI Carr Securities in Singapore. He joined Ruffer in 2008.
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Jacques Hirsch
Investment 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.
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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.
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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.
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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.
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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.
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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.
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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.
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James Verdier
Research Director
Graduated from the London School of Economics, then qualified as a Chartered Accountant. He joined Commerzbank as a telecoms analyst in 1999 and subsequently worked on the Special Situations trading desk. In 2005 he joined Lehman Brothers where he worked on the Long Term Value proprietary fund. He joined Ruffer in 2008.
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Peter Warburton
Economist
Previously worked as a Research Officer at London Business School, a lecturer at Cass Business School and Chief Economist at Robert Fleming Securities. He published Debt and Delusion in 1999 and in 2000 co–founded Rhombus Research, an independent research company. He joined Ruffer in 2002.
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Alex Barnett
Research Analyst
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.
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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.
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Myles Marmion
Chief Financial Officer
Worked at ED&F Man Holdings where he was Group Chief Financial Officer and previously Head of Corporate Finance and Risk. Myles started his career at Ernst & Young and then worked for Robert Fleming Holdings Limited and Maple Financial Group. He joined Ruffer in 2009.
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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.
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Edwina Blackford
Head of HR
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.
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Michael Cunningham
Technology Director
Has worked in middle office and technology roles within the finance sector for over 16 years. He was most recently Head of Technology at European Credit Management Ltd. Michael holds a physics degree from the University of Nottingham, a Masters in software engineering and a certificate in quantitative finance (CQF). He joined Ruffer in 2012.
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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.
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William Jutsum
HR Director
Joined Ruffer in 2010, having worked at a number of financial institutions in senior HR roles, most recently as Head of HR for Europe at Neuberger Berman. He graduated in History from Cambridge University, and is also an MSc Sloan from London Business School.
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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).
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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.
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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).
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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.
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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.
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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.
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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.
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Alex Barnett
Research Analyst
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.
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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.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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Oliver Pile
Investment Manager
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.
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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.
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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.
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Laetitia East
Investment Manager
Graduated from Oxford University with a degree in Modern History. She is a member of the Chartered Institute for Securities and Investment, having completed the CISI Masters in Wealth Management, receiving a distinction in the Private Client Investment Advice and Management paper. She joined Ruffer in 2012.
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Lauren French
Investment Manager
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.
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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.
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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.
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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 Officer in April 2017.
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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.
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Myles Marmion
Chief Financial Officer
Worked at ED&F Man Holdings where he was Group Chief Financial Officer and previously Head of Corporate Finance and Risk. Myles started his career at Ernst & Young and then worked for Robert Fleming Holdings Limited and Maple Financial Group. He joined Ruffer in 2009.
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Miranda Best
Research Director
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. She joined the Management Board in June 2017.
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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.
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Earl Ferrers
Non–Executive Director
Fellow of the Institute of Chartered Accountants – retired January 2019. Trained at Ernst & Whinney, before working at BICC plc, Viking Property Group and Norseman Holdings Ltd. He joined Ruffer as one of its founders in 1994, retired as Managing Director in 2011 and returned as a Non–Executive Director in 2012. He has been a Director of the PIMFA (formerly WMA) since 2007 and was Chairman of the PIMFA Investment Firms’ Committee from 2005 to 2010.
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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.
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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.
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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.
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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 Officer in April 2017.
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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.
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Myles Marmion
Chief Financial Officer
Worked at ED&F Man Holdings where he was Group Chief Financial Officer and previously Head of Corporate Finance and Risk. Myles started his career at Ernst & Young and then worked for Robert Fleming Holdings Limited and Maple Financial Group. He joined Ruffer in 2009.
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Miranda Best
Research Director
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. She joined the Management Board in June 2017.
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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.
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Earl Ferrers
Non–Executive Director
Fellow of the Institute of Chartered Accountants – retired January 2019. Trained at Ernst & Whinney, before working at BICC plc, Viking Property Group and Norseman Holdings Ltd. He joined Ruffer as one of its founders in 1994, retired as Managing Director in 2011 and returned as a Non–Executive Director in 2012. He has been a Director of the PIMFA (formerly WMA) since 2007 and was Chairman of the PIMFA Investment Firms’ Committee from 2005 to 2010.
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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.
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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.
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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.
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Chris Bacon
Communications Director
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.
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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.
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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, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.
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Michael Bayliffe
Investment Director
Worked at the Bank of England in research, then moved into investment management at Phillips & Drew, becoming a partner. Moved in 1988 to Capel–Cure Myers, where he was responsible for a team dealing with charity, ethical and pension fund management and concentrated personally on individual and small group pension schemes. He joined Ruffer in 2002.
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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.
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Edwina Blackford
Head of HR
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.
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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.
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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.
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Michael Bruntisfield
Consultant
Joined Ruffer in 2016, having worked in the asset management industry since 1986. He has broad experience of both directional and absolute return investment strategies and has worked in client–facing roles in Canada, Hong Kong, Luxembourg and UK.
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Harry Buscall
Investment Director
Joined Ruffer in 2009. He is a Cambridge University graduate and worked in Asian equity sales from the mid 1980s, during which time he was head of Asian equity sales globally for UBS and Managing Director of SG Asia’s London–based emerging markets business. He subsequently managed his family’s farming business. In 2010, he became a member of the Chartered Institute for Securities & Investment, receiving a distinction in the Private Client Advice and Management Paper.
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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.
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Michael Cunningham
Technology Director
Has worked in middle office and technology roles within the finance sector for over 16 years. He was most recently Head of Technology at European Credit Management Ltd. Michael holds a physics degree from the University of Nottingham, a Masters in software engineering and a certificate in quantitative finance (CQF). He joined Ruffer in 2012.
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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.
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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.
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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.
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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 and is a CFA charterholder.
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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.
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Luka Gakic
Investment Director
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.
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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.
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James Heal
Research Director
Worked at Lehman Brothers from 2005 to 2007, where he was Executive Director of the Long Term Value proprietary fund. His previous roles include Head of Technology Research at Commerzbank Securities and Director of Regional Asian Technology Research at Indosuez WI Carr Securities in Singapore. He joined Ruffer in 2008.
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Jacques Hirsch
Investment 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.
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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.
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Franziska Jahn–Madell
Director – Responsible Investment
Joined Ruffer in 2014 after working for ten years at EIRIS, a research provider for environmental, social and governance performance, in several positions. Her last role as a Principal Research Analyst at EIRIS mainly focussed on Corporate Governance issues and criteria development. From 1999–2003 she worked at the Moral Theology department at Frankfurt University for the Business Ethics Chair. In 2003 she graduated from Frankfurt University with a MA (distinction) in Theology and a MA (distinction) in Literature.
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William Jutsum
HR Director
Joined Ruffer in 2010, having worked at a number of financial institutions in senior HR roles, most recently as Head of HR for Europe at Neuberger Berman. He graduated in History from Cambridge University, and is also an MSc Sloan from London Business School.
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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.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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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.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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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.
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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.
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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.
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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).
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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.
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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).
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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.
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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.
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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.
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Dominic Pearson
Investment Director
Graduate of Manchester University, previously with NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. Managed several OEIC structures amongst a diverse range of private client and institutional portfolios. He joined Ruffer in 2004.
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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.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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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.
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Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder.
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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.
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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 and the Ruffer Investment Company.
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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.
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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.
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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.
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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.
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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.
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James Verdier
Research Director
Graduated from the London School of Economics, then qualified as a Chartered Accountant. He joined Commerzbank as a telecoms analyst in 1999 and subsequently worked on the Special Situations trading desk. In 2005 he joined Lehman Brothers where he worked on the Long Term Value proprietary fund. He joined Ruffer in 2008.
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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.
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Peter Warburton
Economist
Previously worked as a Research Officer at London Business School, a lecturer at Cass Business School and Chief Economist at Robert Fleming Securities. He published Debt and Delusion in 1999 and in 2000 co–founded Rhombus Research, an independent research company. He joined Ruffer in 2002.
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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.
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Ashe Windham
Chairman, Ruffer Investment Company Limited
After leaving the army in 1987 he joined Barclays de Zoete Wedd (BZW) and was appointed a Director in 1991. He subsequently joined Man Investments, and became their Global Head of Internal Communications in 2007, before resigning to set up a private family office. He is also a non–executive Director of EFG Asset Management (UK) Ltd and Miton UK MicroCap Trust Plc.
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Toby Barklem
Business Development Manager
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.
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Alex Barnett
Research Analyst
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.
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Alice Brader–Ellis
Investment Manager
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.
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Alexander Bruce
Fund 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.
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Sophie Burke–Murphy
Investment Manager
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.
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Alexander Chartres
Investment Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in History and Politics. He works closely with Clemmie Vaughan and Jonathan Ruffer and became a member of the Chartered Institute for Securities & Investment in 2012, achieving a merit in the Private Client Advice and Management paper.
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Laetitia East
Investment Manager
Graduated from Oxford University with a degree in Modern History. She is a member of the Chartered Institute for Securities and Investment, having completed the CISI Masters in Wealth Management, receiving a distinction in the Private Client Investment Advice and Management paper. She joined Ruffer in 2012.
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Edward Donati
Investment Manager
Worked at the BBC after graduating from Oxford University in 2007. He joined Ruffer in 2009 and spent four years as an equity analyst in Ruffer’s research team, including a period in Ruffer’s Hong Kong office, before returning to London to manage investment portfolios. He is a Chartered Wealth Manager.
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Lauren French
Investment Manager
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.
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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.
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Joshua Gunson
Business Development Manager
Graduated from the University of Nottingham with a degree in philosophy. He became a member of the Chartered Institute for Securities & Investments, after completing the Private Client Investment Advice and Management Paper. He joined Ruffer in 2010 and has worked with both the Product and Fund Relations teams.
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Thomas Hardy
Investment Manager
Joined Ruffer in 2010 after graduating from Bristol University in 2009 with a 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.
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Ajay Johal
Investment Manager
Joined Ruffer in March 2014, supporting Christopher Querée in the charities team. He graduated from the University of Warwick with a degree in History and Sociology and previously worked at Barclays Wealth and Investment Management. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2016.
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Celine Matuszewski
Investment 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.
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Lucie Meagher
Investment Manager
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.
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Jos North
Investment Manager
Joined the Ruffer graduate scheme 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 a distinction in the Private Client Investment Advice and Management Paper and a merit in the Fund Management Paper.
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Oliver Pile
Investment Manager
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.
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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.
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Ian Rees
Investment Manager
Joined Ruffer in May 2012 after graduating from the University of Bath with an honours degree in economics. He previously completed a twelve month placement at UBS Global Asset Management. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst, and is a CFA charterholder.
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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.
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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.
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Matt Smith
Investment Manager
Joined Ruffer in 2011 after graduating from Edinburgh University with a double first class honours degree in history and German; he spent 2015 working as an equity analyst in Ruffer’s Hong Kong office. He is a member of the Chartered Institute for Securities & Investment, having received a distinction in the Financial Derivatives paper.
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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.
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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.
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Emma Varley
Investment Manager
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.
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Joseph David
Senior Investment Associate
Joined Ruffer as a graduate in 2015, after graduating from Cambridge University with an honours degree in philosophy.
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Rory Goodman
Senior Investment Associate
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.
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Rachel Holdsworth
Senior Investment Associate
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.
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Tom Matterson
Senior Investment Associate
Joined Ruffer in 2016 after two years at Bishops Rock Capital as an investment analyst. Graduated from Leeds University in 2014 with an honours degree in economics and geography.
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Joseph Barker
Investment Associate
Joined Ruffer in 2017 as part of the graduate trainee programme. Graduated with a first class honours degree in mathematics from the University of Oxford. He passed the Investment Management Certificate in 2017.
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Benjamin Crawfurd–Porter
Investment Associate
Joined Ruffer in 2017 as part of the graduate trainee programme, after graduating from the University of Edinburgh with a Masters in Physics. He passed units I and II of the Investment Management Certificate in 2017.
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Kathryn Forsyth
Investment Associate
Joined Ruffer in 2016. Graduated with a degree in Spanish and International Management from the University of Bath. She passed both the Investment Environment and Investment Practice units of the Investment Management Certificate in 2016.
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Felicity Hall
Investment Associate
Joined Ruffer in 2017 after graduating from Cambridge University with a first class honours degree in philosophy. She passed both units of the Investment Management Certificate in 2017.
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Henry Hamilton
Investment Associate
Joined Ruffer in 2017, having previously worked in Research and then Relationship Management at Wellington Management. Graduated with a degree in Geography from Durham University. He passed both the Investment Environment and Investment Practice units of the Investment Management Certificate in 2016.
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Charalee Hoelzl
Investment Associate
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 I of the CFA Program in 2018.
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India Lyons
Investment Associate
Graduated with an MA honours in English from St Andrews University and joined Ruffer in 2017 as part of the graduate trainee programme. She has passed both units of the Investment Management Certificate.
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Fiona Ker
Investment Associate
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.
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Edward Knowles
Investment Associate
Previously at Coutts and Weatherbys Private Bank, he joined Ruffer in 2017. He holds an honours degree in philosophy from the University of Sheffield and has completed the CISI Investment Advice Diploma.
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Rory McIvor
Investment Associate
Joined Ruffer in 2017 after graduating from Edinburgh University with a first class MA honours degree in history and politics. He passed both units of the Investment Management Certificate in 2017.
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Ross McPhail
Investment Associate
Joined Ruffer in 2017 after three years at Adam & Company, where he carried out equity analysis and assisted with the management of private client portfolios. He is a graduate of Durham University, where he read ancient history, and has passed the Investment Management Certificate and CFA Level 1.
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Angus Nodder
Investment Associate
Joined Ruffer in 2017, having graduated from King’s College London with a degree in History. He passed both units of the Investment Management Certificate in 2017.
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Alexia Palacios
Associate – Responsible Investment
Joined Ruffer in 2014 after graduating from the University of Cambridge with first class honours in Land Economy. She completed the Investment Management Certificate in 2014 and passed Level II of the CFA Program in 2016. She recently completed PRI Academy Responsible Investment Essentials.
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Naomi Puri
Investment Associate
Graduated from Oxford University in 2013 with a BA Hons in Modern Languages. She then spent three years working at private bank C. Hoare & Co, before joining Ruffer’s international team in 2017.
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Edward Roe
Investment Associate
Joined Ruffer in 2017 as part of the graduate trainee programme, having graduated with a degree in physics from the University of Oxford. He passed both units of the Investment Management Certificate in 2017.
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Oliver Shale
Investment Associate
Joined Ruffer in 2016 as part of the graduate programme, initially working with the research and operations teams. He holds a degree in natural sciences from the University of Cambridge and completed unit I and II of the Investment Management Certificate in 2016 and CFA Level I in 2018.
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Jasmine Yeo
Investment Associate
Holds a degree in international business from Warwick Business School and joined Ruffer in 2017 as part of the graduate trainee programme. She has completed the Investment Management Certificate and joined the private client team in 2018. She is currently completing the Private Client Investment Advice and Management paper.
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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 Officer in April 2017.
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Lauren French
Investment Manager
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.
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Rory Goodman
Senior Investment Associate
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.
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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.
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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 Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
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Oliver Pile
Investment Manager
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.
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Fiona Ker
Investment Associate
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.
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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, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.
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Jos North
Investment Manager
Joined the Ruffer graduate scheme 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 a distinction in the Private Client Investment Advice and Management Paper and a merit in the Fund Management Paper.
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Michael Bayliffe
Investment Director
Worked at the Bank of England in research, then moved into investment management at Phillips & Drew, becoming a partner. Moved in 1988 to Capel–Cure Myers, where he was responsible for a team dealing with charity, ethical and pension fund management and concentrated personally on individual and small group pension schemes. He joined Ruffer in 2002.
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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.
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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.
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Ian Rees
Investment Manager
Joined Ruffer in May 2012 after graduating from the University of Bath with an honours degree in economics. He previously completed a twelve month placement at UBS Global Asset Management. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst, and is a CFA charterholder.
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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.
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Alice Brader–Ellis
Investment Manager
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.
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Celine Matuszewski
Investment 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.
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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.
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Harry Buscall
Investment Director
Joined Ruffer in 2009. He is a Cambridge University graduate and worked in Asian equity sales from the mid 1980s, during which time he was head of Asian equity sales globally for UBS and Managing Director of SG Asia’s London–based emerging markets business. He subsequently managed his family’s farming business. In 2010, he became a member of the Chartered Institute for Securities & Investment, receiving a distinction in the Private Client Advice and Management Paper.
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Emma Varley
Investment Manager
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.
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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.
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Alexander Chartres
Investment Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in History and Politics. He works closely with Clemmie Vaughan and Jonathan Ruffer and became a member of the Chartered Institute for Securities & Investment in 2012, achieving a merit in the Private Client Advice and Management paper.
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Lucie Meagher
Investment Manager
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.
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Edward Knowles
Investment Associate
Previously at Coutts and Weatherbys Private Bank, he joined Ruffer in 2017. He holds an honours degree in philosophy from the University of Sheffield and has completed the CISI Investment Advice Diploma.
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Ross McPhail
Investment Associate
Joined Ruffer in 2017 after three years at Adam & Company, where he carried out equity analysis and assisted with the management of private client portfolios. He is a graduate of Durham University, where he read ancient history, and has passed the Investment Management Certificate and CFA Level 1.
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Luka Gakic
Investment Director
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.
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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.
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Joseph David
Senior Investment Associate
Joined Ruffer as a graduate in 2015, after graduating from Cambridge University with an honours degree in philosophy.
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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 assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
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Charalee Hoelzl
Investment Associate
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 I of the CFA Program in 2018.
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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.
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Thomas Hardy
Investment Manager
Joined Ruffer in 2010 after graduating from Bristol University in 2009 with a 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.
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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.
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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.
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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.
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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.
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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.
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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.
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Laetitia East
Investment Manager
Graduated from Oxford University with a degree in Modern History. She is a member of the Chartered Institute for Securities and Investment, having completed the CISI Masters in Wealth Management, receiving a distinction in the Private Client Investment Advice and Management paper. She joined Ruffer in 2012.
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Kathryn Forsyth
Investment Associate
Joined Ruffer in 2016. Graduated with a degree in Spanish and International Management from the University of Bath. She passed both the Investment Environment and Investment Practice units of the Investment Management Certificate in 2016.
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Henry Hamilton
Investment Associate
Joined Ruffer in 2017, having previously worked in Research and then Relationship Management at Wellington Management. Graduated with a degree in Geography from Durham University. He passed both the Investment Environment and Investment Practice units of the Investment Management Certificate in 2016.
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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.
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Dominic Pearson
Investment Director
Graduate of Manchester University, previously with NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. Managed several OEIC structures amongst a diverse range of private client and institutional portfolios. He joined Ruffer in 2004.
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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.
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Sophie Burke–Murphy
Investment Manager
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.
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Rachel Holdsworth
Senior Investment Associate
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.
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Rory McIvor
Investment Associate
Joined Ruffer in 2017 after graduating from Edinburgh University with a first class MA honours degree in history and politics. He passed both units of the Investment Management Certificate in 2017.
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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 manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
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Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder.
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Ajay Johal
Investment Manager
Joined Ruffer in March 2014, supporting Christopher Querée in the charities team. He graduated from the University of Warwick with a degree in History and Sociology and previously worked at Barclays Wealth and Investment Management. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2016.
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Oliver Shale
Investment Associate
Joined Ruffer in 2016 as part of the graduate programme, initially working with the research and operations teams. He holds a degree in natural sciences from the University of Cambridge and completed unit I and II of the Investment Management Certificate in 2016 and CFA Level I in 2018.
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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.
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Edward Donati
Investment Manager
Worked at the BBC after graduating from Oxford University in 2007. He joined Ruffer in 2009 and spent four years as an equity analyst in Ruffer’s research team, including a period in Ruffer’s Hong Kong office, before returning to London to manage investment portfolios. He is a Chartered Wealth Manager.
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Tom Matterson
Senior Investment Associate
Joined Ruffer in 2016 after two years at Bishops Rock Capital as an investment analyst. Graduated from Leeds University in 2014 with an honours degree in economics and geography.
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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 and the Ruffer Investment Company.
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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.