WELCOME TO RUFFER

All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Our aim?

To deliver consistent positive returns
– whatever happens in the financial markets.

Ruffer

Ruffer LLP is a London-based firm founded in 1994, with over $25.2 billion of assets under management.

We provide investment management services for family offices, wealth managers, pension funds, endowments and foundations in parts of the Middle East. 

Over 31 years the Ruffer portfolio has delivered consistent positive returns with a low correlation to equities (and other asset classes).

This success is the result of a disciplined and genuinely different investment philosophy and approach.

At a glance
We do One thing – investment management
The strategy Global, multi-asset, absolute return
So far  A 31 year track record of protecting our clients’ capital through the dot.com bust, global financial crisis and covid‑19
Low correlation to equities and other asset classes
Protection Positive performance through the dot.com bust, global financial crisis and covid-19
Stewardship Environmental, social and corporate governance (ESG) issues are integrated into our process
Investors Private investor origins, now over 68% institutional investors worldwide

GET IN TOUCH
Piers Wheeler
Director – Institutional
Developing and executing asset management strategy for capital raising and strategic relationship management. Coverage includes EMEA, Asia and Australia. Piers joined Ruffer in 2021, having previously worked with asset management firms including Eastspring, AMP Capital and LEK as a strategic consultant. He holds a MA from the Bayes Business School and a BA (Hons) from the University of Oxford.
Annabel Paterson
Annabel Paterson
Senior Associate – Institutional
Joined Ruffer in 2021, having graduated with a first class honours degree in land economics from the University of Cambridge. After two years working with the UK Private Wealth team and completing her IMC and CFA Level I qualifications, she now supports Ruffer’s global business development and client servicing efforts.
A single investment strategy

Our approach is unchanged since Jonathan Ruffer (Chairman) founded the firm in 1994.

The investment strategy and asset allocation are set by set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

All the firm’s resources are focused on delivering this single investment strategy.

ABOUT RUFFER
Offices London, New York, Paris, Edinburgh and Guernsey
Founded 1994
Ownership Independent private partnership, an owner-managed firm
People Over 240 work at Ruffer as at 30 April 2026
Risk backwards
Five lessons from the first five decades of life reveal how we often get risk wrong. Resisting the lure of comfort and conformity is more important than ever.
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In conversation with Michael Biggs
What really drives the economic cycle? It’s not the total amount of debt – it’s the rate of change of new borrowing. Investment Specialist Gemma Cairns-Smith sits down with Ruffer’s Head of Macro Strategy Michael Biggs to explore his research into the credit impulse — the change in new borrowing that drives economic activity.
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Fear over fundamentals
May 2026: Earnings growth contrasts with low valuations for the software sector as AI uncertainty rises. We see selective opportunities among established firms with strong balance sheets and recurring revenues.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET