All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

Our people

Photos and short biographies
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Jonathan_Ruffer
Jonathan Ruffer
Chairman
Trained as a stockbroker and barrister before moving into private client investment management in 1980, with Dunbar Fund Managers. Formerly Chief Investment Officer of Rathbone Bros plc. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004.
Robin Hindle Fisher
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.
Henry_Maxey
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.
Chris_Bacon
Chris Bacon
Interim Co-CEO
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. Chris is a Member of the Board and Executive Committee and has acted as interim Co-CEO with Miranda Best since May 2021.
Miranda Best
Interim Co-CEO
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 began managing the Ruffer illiquid strategies funds in 2011, became Head of Specialist Funds in 2016, and Head of Investments in 2020. Miranda is a Member of the Board and Executive Committee and has acted as interim Co-CEO with Chris Bacon since May 2021.
Michael Gower
Chief Financial Officer
Joined Ruffer in 2021 from Vanguard where he was CFO for Europe and International. Started his career in fixed income at Lehman Brothers, subsequently working at Rabobank and Robeco. He holds an honours degree in modern languages from Cambridge University.
Fleur Meijs
Fleur Meijs
Non-Executive Director
Former financial services partner at PwC, specialising in complex audits and high–profile advisory projects for financial institutions, mainly investment banks. Alongside her corporate non–executive directorships with Ruffer, Fidelity European Values plc and Invesco Asia Trust plc., she is active in the charity sector with United World Colleges (UWC). Fleur joined Ruffer’s Management Board in 2018.
Campbell Fleming
Non-Executive Director
Trained as a barrister in Australia before moving to the UK in 1995 and into the investment management industry in 1997, with Robert Fleming Asset Management (RFAM). Formerly Global Head of Distribution with Aberdeen Standard Investments, CEO of Columbia Threadneedle Investments and Head of UK for JPMorgan Asset Management after the merger of JPMorgan and Chase which had acquired RFAM. He also chairs The Big Exchange Limited and has served on various industry bodies and boards. Joined Ruffer’s Board and its sub-committees in July 2021.
Luka Gakic
Head of UK Wealth
Before joining Ruffer in 2011, he spent four years at Lehman Brothers, and then Nomura, where he worked in equity financing and delta–one sales. He graduated from Oxford University in 2006 with a degree in Philosophy, Politics and Economics.
Omar_Kodmani
Omar Kodmani
Head of International and Institutional
Joined Ruffer in 2019 from EnTrust Permal, a specialist in alternative investments. He originally joined what was the Permal Group in 2000 and held a number of roles there including Chief Executive, and Head of International. He holds a BA in economics from Columbia University, an MBA Finance from NYU-Stern, and is a CFA charterholder.
Gillian_vanMaaren
Gillian van Maaren
Head of HR
Previously Global Head of HR at CQS, prior to which she worked in HR at Jupiter Asset Management. Gillian has a wealth of HR experience with roles in asset management, energy and property. She joined Ruffer in 2019.
Aled Smith
Deputy Chief Investment Officer
Joined Ruffer in 2021 from an Investment Director role at JO Hambro Capital Management. Previous roles include leading the global equities division at M&G Investment where he successfully managed a number of funds including the M&G Global Leaders Fund.
Rushir_Asnani
Ruchir Asnani
Research Director
Previous work includes six years as an auditor with Deloitte and PriceWaterhouseCoopers, an accounting–based pan–European role in equity research at CFRA/Risk Metrics and two years as a research analyst at AKO Capital. He graduated with a Masters in Business from Oxford University in 2007 and joined Ruffer in 2012.
Marnoch_Aston
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.
Hamish_Baillie
Hamish Baillie
Investment Director
Joined Ruffer in 2002. He founded and manages the Edinburgh office of Ruffer LLP which opened in September 2009 and is a director of Ruffer (Channel Islands) Limited. He manages investment portfolios for individuals, trusts, charities and pension funds and is the lead manager of the Ruffer Investment Company, which is listed on the London Stock Exchange. He is a member of the Chartered Institute for Securities & Investment and a graduate of Trinity College Dublin.
David_Ballance
David Ballance
Investment Director
Previously International Equities Head at Rothschild Private Management and European Equities Head at Rothschild Asset Management. He graduated from Oxford and was a Senior Investment Manager at Allied Dunbar, before moving to Threadneedle as Head of European Equities. He joined Ruffer in 2006 and manages a number of segregated portfolios for institutional and private clients.
Toby_Barklem
Toby Barklem
Business Development Director
Joined Ruffer in 2017, having spent five years at Standard Life Aberdeen in a variety of business development roles focused on financial advisers. He studied history, initially graduating from Exeter University in 2003 and then latterly Imperial College London. Following this he spent seven years as an officer in the British Army.
Alex Barnett
Research Director
Joined Ruffer in 2013, after spending 12 years on the sell side. Began his investment career in Canada in 2000 focusing on healthcare, before moving in 2005 to Jefferies International in Paris, researching pan–European small/mid caps, and then industrials. He is a CFA charterholder.
David_Benson
David Benson
Investment Director
After graduating from Oxford University, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.
Edwina_Blackford
Edwina Blackford
Governance Director
Joined Ruffer in 2012 having spent several years working in the financial services industry, principally for Loudwater Investment Partners, a pre–IPO private equity investment business, and Panmure Gordon, an AIM listed stockbroker.
Benjamin_Boucher-Ferte
Benjamin Boucher–Ferté
Investment Director
Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.
Alice_Brader
Alice Brader-Ellis
Investment Director
Graduated in 2002 from Durham University with a BA (Hons) in Chinese and Management, and began her career with Bloomberg in London and Hong Kong. In 2007, while still in Hong Kong, she joined JPMorgan Asset Management, and in 2014 transferred back to London with JPMorgan Private Bank as part of the International Manager Selection team. She joined Ruffer in 2017.
Des_Brennan
Des Brennan
Research Director
A graduate of City University Business School he worked as an equity research analyst at Sun Life of Canada and ICI Investment Management before joining Clerical Medical Investment Group in 1995. In 2006 he moved to Thornhill Investment Management and joined Ruffer in 2011 to launch the Ruffer UK Mid and Small Companies Fund.
Sophie Burke-Murphy
Sophie Burke-Murphy
Investment Director
Joined Ruffer in 2012. Previously at Global Asset Management (GAM) for five years as a Junior Analyst and then as a Portfolio Manager’s Assistant. A graduate of Bristol University, she is a qualified Chartered Alternative Investment Analyst and completed the CISI Private Client Investment Advice and Management Paper in 2012.
Martyn_Cane
Martyn Cane
Investment Operations Director
Prior to joining Ruffer in 2010, he worked at GLG Partners as the corporate actions manager. He brought with him 15 years of operational experience spanning a variety of operational functions at HSBC, Pershing and Société Générale.
Peter_Carew
Peter Carew
Investment Director
Previously portfolio manager and Head of Private Clients with Credit Suisse UK Ltd, having been a Divisional Director with Carr Sheppard Crosthwaite. Prior to his career in the City, he was in the Army. He holds an MBA from London Business School and he joined Ruffer in 2002.
Alexander_Chartres
Alexander Chartres
Investment Director
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics. Alex worked closely with Clemmie Vaughan and Jonathan Ruffer for six years. In 2012, he became a member of the Chartered Institute for Securities & Investment, achieving a merit in the Private Client Advice and Management paper. He specialises in geopolitics and its investment implications, with a particular focus on European and Great Power politics. He is a co-manager of the LF Ruffer Total Return Fund.
Martin Cullen
Finance Director
Joined Ruffer in 2019 from the ED&F Man Group where he worked in corporate development, risk and most recently as CFO of the Grains division. Started his career at Chemical Bank, before working in various trading roles with Chase Manhattan and JPMorgan. He holds an honours degree in engineering from Oxford University and an MBA in finance from the Yale School of Management.
Bertie_Dannatt
Bertie Dannatt
Investment Director
Joined Ruffer as a graduate trainee in 2008, following five years in the British Army. A University of Durham graduate, he qualified as a member of the Chartered Institute for Securities & Investments (CISI) in 2010 and became an Investment Director in 2015.
Jamie_Dannhauser
Jamie Dannhauser
Economist
Prior to joining Ruffer in 2014, he spent seven years as a senior economist at Lombard Street Research, an independent macroeconomic research consultancy, with a specific focus on the UK, US and eurozone economies. He graduated from the University of Cambridge in 2006 with a first class honours degree in Economics. He is currently a member of the IEA’s Shadow Monetary Policy Committee.
Hermione_Davies
Hermione Davies
Investment Director
Previously Managing Director of Bessemer Group (UK) Limited, she was Chief Investment Officer of the group’s non–US investments. She graduated from Oxford and started her career at NatWest Bank prior to becoming a Fund Manager of a Japanese–Pacific Unit Trust at Guinness Mahon & Co Ltd. She joined Ruffer in 2009.
Jon_Dye
Jon Dye
Head of Research
Prior to joining Ruffer in 2010, undertook accounting–based pan–European equity research at CFRA/Risk Metrics. Previous roles included Investment Analyst at Dye Asset Management and Newton Asset Management. He has a first class honours degree in government and economics from the London School of Economics.
Laetitia_East
Laetitia East
Director – US Institutional
A graduate of Oxford University, Laetitia joined Ruffer in 2012, completing the CISI Wealth Masters in 2015. Having previously managed a private wealth team, investing separately managed accounts, Laetitia now works on the International and Institutional team and is focused on growing Ruffer’s US business.
Richard_Edwards
Richard Edwards
Head of Dealing
Joined the IT team at Phillips & Drew in 1996. He worked with Dye Asset Management, a hedge fund start up, in 2000, where he covered a number of roles before concentrating on dealing. After moving to Ecofin in 2007, he joined Ruffer in 2010 as Senior Dealer. He progressed to Head of Dealing in 2012.
Lauren French
Lauren French
Investment Director
After graduating from Oxford University she worked at JO Hambro Capital Management, assisting with the transition of James Hambro & Partners LLP. Joined Ruffer in 2010 and became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012, receiving a merit in the Applied Wealth Management paper.
Tim Gordon
Director - UK Wholesale
Alex_Grispos
Alex Grispos
Investment Director
Graduated from Imperial College with a first class degree in mechanical engineering. He started in equity research in 1998 at Alpha Trust in Greece and then worked in venture capital for six years. He then joined Top Technology Ventures in the UK, and subsequently became Investment Manager with RTF based in London and St Petersburg, Russia. He joined Ruffer in 2005 and manages the LF Ruffer Equity and General Fund.
Jacques_Hirsch
Jacques Hirsch
Research Director
Prior to joining Ruffer in 2011, he spent over ten years in fund management and macro research at firms including Goldman Sachs, GLG Partners and Fulcrum Asset Management. He graduated from École Centrale Paris in 1999, and holds an MSc in Mathematics from Oxford University. He is co–manager of Ruffer Total Return International.
Nick_Horder
Nick Horder
Operations Director
Graduate of Leeds University, spent several years within the control department of the investment bank West LB AG in London, Sydney and Tokyo. He became a member of the Chartered Institute for Securities & Investment in 2005 following the completion of his CISI Diploma. He joined Ruffer in 2003.
Alex Jamieson
Research Business Director
Joined Ruffer in 2012 as Risk and Attribution Manager, moving to the Ruffer Mid and Smaller Companies team in 2014. Prior to this, he spent four years at F&C Investments and State Street. Holds a Masters degree in international financial analysis from Newcastle University. He is a CFA charterholder.
Henry Jolliffe
Research Director
Joined Ruffer’s private client team in 2014, having graduated with a degree in law from Cambridge University. He moved to Research to assist the macro team in 2017. He is a CFA charterholder.
Paul_Kennedy
Paul Kennedy
Research Director
Joined Ruffer in 2012 from L.E.K. Consulting. He holds a degree in Jurisprudence from Oxford University and an MBA with Distinction from London Business School. He has many years of experience evaluating investments across industry sectors and has managed the LF Ruffer Gold Fund since February 2015.
Alex_Lennard
Alex Lennard
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of two of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Charles_Lynne
Charles Lynne
Investment Director
Joined Ruffer in 2008 after three and a half years at Morgan Stanley Investment Management, including a placement in Asia. He graduated from Durham University with first class honours in Natural Sciences and became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in the Applied Wealth Management paper. He became a Chartered Fellow of the CISI in 2015.
Duncan_Macinnes
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.
Annabel_Mackenzie
Annabel Mackenzie
Investment Director
Worked at F&C Asset Management after graduating from the University of Edinburgh in 2003, with an honours degree in economics. She joined Ruffer in 2006 and became a member of the Chartered Institute for Securities & Investment in 2007, following the completion of her CISI Diploma.
Mary_McBain
Mary McBain
Investment Director (Asia)
After graduating from Oxford University in 1985, started work at Invesco MIM as a fund manager on the Asian team. After leaving Invesco in 1990, she spent many years living and working in Asia, for GK Goh Securities, Apollo Investment Management and Ballingal Investment Advisors. She joined Ruffer in 2006 and manages the LF Ruffer Pacific Fund.
Sean_McCreery
Sean McCreery
Investment Director
Joined Ruffer in 1999. Manages a broad range of private client, trust, pension, charity, and OEIC portfolios. Previously worked at Duncan Lawrie Private Bank. Prior to that, was part of the institutional team at Cornhill Insurance, having started his investment career at UK Provident. He is a Chartered member of the CISI.
Justine_McMullan
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).
Tristan Matthews
Research Director
Joined Ruffer in 2009 after graduating with an Economics degree from Cambridge University. After three years assisting a client portfolio manager, he moved to the research department, starting in Hong Kong. Since 2013, he has been based in London, focused on Japanese equities and working on the LF Ruffer Japanese Fund. He is a CFA charterholder.
Lucie_Meagher
Lucie Meagher
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with a BSc (Hons) in Mathematics. She became a member of the Chartered Institute for Securities & Investment (CISI) in 2009, following the completion of a Diploma in Investment Compliance and the CISI Diploma, receiving a credit in the Private Client Advice and Management Paper.
Philipp_Mitterbauer
Philipp Mitterbauer
Head of Tax
Joined Ruffer in 2009 after having worked at law and accountancy firms in the private client tax sector. He graduated in Law from Regensburg University in 2003, and trained as a lawyer in Germany where he qualified as ‘Rechtsanwalt’ in 2006. He holds an LLM in International Business Law from Exeter University, and is a member of the Association of Taxation Technicians. He sits on various working groups at HMRC where he represents the Personal Investment Management and Financial Advice Association (PIMFA).
David Moos
David Moos
Investment Director, Paris
Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.
Phil_Morris
Phil Morris
Investment Director
Graduated from Cambridge University then trained as a Chartered Accountant. He then managed his family’s farming business before moving into private client investment management with Barclays de Zoete Wedd Portfolio Management (which became Barclays Private Bank), latterly as Chief Investment Officer. He joined Ruffer in 2005.
Simon_Mountain
Simon Mountain
Research Director
Previously at Bain & Company, having gained ten years’ experience as a strategy consultant. Started his career in PwC Transaction Services advising on European private equity deals. Graduated from University of Cambridge with a Master’s degree in Manufacturing Engineering. He joined the LF Ruffer European Fund team in 2013, becoming co–manager in 2016.
Kentaro_Nishida
Kentaro Nishida
Investment Director (Japan)
After obtaining a BEcon in Japan and studying Russian in Moscow he worked as an interpreter in both Russia and the UK. He moved into equity sales in 1988 for James Capel & Company Limited and then SG Warburg Securities in 1989. He joined Ruffer in 2008 to concentrate on Japanese equities and manages the LF Ruffer Japanese Fund.
Jos_North
Jos North
Investment Director
Joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager of the LF Ruffer Absolute Return Fund.
Dominic_Pearson
Dominic Pearson
Investment Director
A graduate of Manchester University, he was previously at NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. He joined Ruffer in 2004 and manages approximately £500m across a variety of client types including private clients, charities, institutional, pensions and private OEICs. He is a Fellow of the Chartered Institute for Securities & Investment.
Oliver_Pile
Oliver Pile
Investment Director
Joined Ruffer in 2009 after three years at Gillespie Macandrew as a trainee investment manager. Graduated from Northumbria University in 2006 with an honours degree in Business Studies. He also worked for State Street and is a member of the Chartered Institute for Securities & Investment.
Emma Potter
Facilities Director
Graduated from Royal Holloway University before joining Ruffer in 2004. She became a Member of the British Institute of Facilities Management in 2011 and is Secretary for the Committee of the Catering and Hospitality Special Interest Group. She is Chair of the Victoria Partnership’s Sustainable Prosperity steering group which deals with corporate and social responsibility issues for the local community.
Victoria Powell
Regulatory Policy Director
Joined Ruffer in 2016, from the British Banking Association, previous to which she spent nine years in Paris as a Director at the European Securities Markets Authority, the European Commission’s regulatory authority and its founding body, the Committee of European Securities Regulators. Prior to this, she worked at the UK’s financial regulator, the Financial Services Authority and held various positions in Central Policy and in the Prudential Policy Department. She graduated in 1995 with a BA honours degree in East Asian Studies and Korean language from the University of Newcastle Upon Tyne.
Christopher_Querée
Christopher Querée
Investment Director
Previously Director at Le Masurier, James & Chinn, now absorbed within the HSBC Group. He spent thirteen years there, with responsibility for offshore private clients, moving to Chiswell Associates in 2001 to focus on charity fund management, before joining Ruffer in 2004 to help develop the firm’s charity business. He holds an MBA from Henley Management College and is co-manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
Ian_Rees
Ian Rees
Investment Director
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst covering emerging markets, and is a CFA charterholder.
Sabine Remnant
Sabine Remnant
Investment Director
Joined Ruffer in 2005 after graduating from Bristol University. She became a member of the Chartered Institute for Securities & Investments in 2009 following the completion of her CISI Diploma, with a credit in the Private Client Advice and Management Paper.
Jenny_Renton
Jenny Renton
Investment Director
Joined Ruffer in 2013 and leads Ruffer’s US team and co-manages two of Ruffer’s flagship funds, alongside managing a number of separately managed accounts for endowments and foundations. Prior to joining Ruffer, she worked with oil and gas companies on their corporate and financial strategies, before joining the fund team at Ingenious Investments, an alternatives investment house. She is a CFA charterholder.
Cecile Rousseau
Cecile Rousseau
Technology Director
Joined Ruffer in 2017, after ten years in various global technology roles at JPMorgan Asset Management. Prior to this, she worked at Accenture as a senior manager for multiple financial services clients. She graduated from ICN, Nancy University in France and holds a MBA from Aston University.
Emma_Rutter
Emma Rutter
Investment Director
Joined Ruffer in 2001 after graduating from Edinburgh University with an honours degree in economics and business studies. She is a member of the Chartered Institute for Securities & Investment, following the completion of her CISI Diploma in 2004.
Steve_Russell
Steve Russell
Investment Director
Graduated from Oxford in Philosophy, Politics and Economics and started work as an equity analyst at Confederation Life in 1987, where he became Head of Equities in charge of £5 billion of equity funds. In 1999 he moved to HSBC Investment Bank as Head of UK and European Equity Strategy, before joining Ruffer in 2003. He became a non–executive director of JPMorgan Fleming Continental Investment Trust in 2005 and is co–manager of the LF Ruffer Total Return Fund.
Harry_Sevier
Harry Sevier
Investment Director
Joined Ruffer in 2008 after graduating with an MA Honours degree from Edinburgh University. He became a member of the Chartered Institute for Securities & Investment on completing the CISI Diploma in 2010, receiving an Outstanding Achievement Award and a merit in the Private Client Advice and Management Paper. He manages investment portfolios for individuals, trusts and charities.
Matt_Smith
Matt Smith
Investment Director
Joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having received a distinction in the financial derivatives paper. He sits on the senior asset allocation committee and co-manages two of Ruffer’s flagship funds.
Kevin_Smith
Kevin Smith
Investment Director
Joined Ruffer in 2005 after moving to the UK from South Africa, where he briefly worked in the private wealth division of a big four bank. He has an honours degree in finance and is a member of the Chartered Institute for Securities & Investment, following the completion of his CISI Diploma in 2008.
Louise_Stanway
Louise Stanway
Compliance Officer
Joined Ruffer in 1999 after graduating with an honours degree in accountancy and law and became Ruffer’s Compliance Officer in 2007. During 2004, she spent seven months seconded to the Personal Investment Management and Financial Advice Association (PIMFA, formerly WMA). Louise has been a Director of the Joint Money Laundering Steering Group since 2004 and was appointed as its Chairman on 1 July 2016. She has also chaired the PIMFA Financial Crime Committee since 2007.
Nicola Taskis
Projects Director
Joined Ruffer in early 2018 to create the Projects team, following 12 years in various technology and program management roles at Goldman Sachs. Prior to this, worked at Gartmore Investment Management, and as a software consultant. Holds a Bachelor of Business Science degree, with honours in information systems, from the University of Cape Town.
Claire Titmarsh
Research Director
Joined Ruffer in 2005 after graduating with a first class honours degree in economics and finance from the University of York. She joined the LF Ruffer European Fund team in 2011, becoming co–manager in 2016.
Andrew_vanBiljon
Andrew van Biljon
Research Director
Joined Ruffer’s institutional client team in 2010 following the completion of his MPhil in economics at Oxford. He moved to the Research team in 2011 to assist with macroeconomic analysis and derivative strategies.
Emma_Varley
Emma Varley
Investment Director
Joined Ruffer in 2012 after graduating from St Andrews University with a first class honours degree in History. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management.
Clemmie_Vaughan
Clemmie Vaughan
Director
She was Chief Executive between April 2017 and October 2021. She is a Governor of St Mary’s Ascot. She is a member of the Chartered Institute for Securities & Investment and completed the Advanced Management Program at IESE in Barcelona in 2017. She holds an honours degree in economics and geography from Exeter University. She joined Ruffer in 2005.
Russell_Vickers
Russell Vickers
Head of Risk, Performance & Reporting
Prior to joining Ruffer in 2010, he worked at GLG Partners as the new business and transitions manager. He brought with him 15 years of operational experience spanning a variety of middle and front office support functions at Prudential Portfolio Managers, Merrill Lynch, BNYM and Société Générale.
Piers Wheeler
Director - International & Institutional
Joined Ruffer in 2021 to assist with business development and client servicing across EMEA. Previously worked with asset management firms including Eastspring, AMP Capital and L.E.K. as a strategic consultant. He holds a MA from Cass Business School and a BA (Hons) from the University of Oxford.
Trevor_Wild
Trevor Wild
Research Director
Worked for BZW from 1983, where he led a number of successful research teams, joining Commerzbank in 1999 to begin his career as a Portfolio Manager. In 2005 moved to Lehman Brothers as Managing Director of the Long Term Value Fund. He joined Ruffer in 2008 and is manager of the Ruffer UK Mid and Small Companies Fund.
John Wong
Research Director
Joined the LF Ruffer Gold Fund team in 2014. Prior to this, he ran several specialist commodity funds at CQS. He previously co-managed LF Ruffer Equity & General and LF Ruffer Total Return Fund. He is a chartered accountant and a CFA charterholder.
Shaheen Zaman
Research Director
Graduated in 2003 from the Indian Institute of Technology Bombay with B Tech in engineering physics, working in equity research, quantitative equity research, derivatives, and game design until 2008. Joined Ruffer in 2010, having received an MBA with distinction from the London Business School.
Alexander_Bruce
Alexander Bruce
Investor Relations Manager
Graduated from the University of Newcastle upon Tyne with a degree in English Literature. Joined Ruffer in 2003. He has worked in product management and investor communications and became a Fund Relations Manager in 2017.
Kathryn Forsyth
Kathryn Forsyth
Investment Manager
Joined Ruffer in 2016, having graduated with a degree in Spanish and international management from the University of Bath. She became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management in 2019.
Sahil Gaba
Sahil Gaba
Research Analyst
Joined Ruffer in 2007 after receiving his MBA from the Said Business School (Oxford University). Prior to that, he briefly worked in India as a technology consultant at Headstrong Corp. He is a graduate of the Indian Institute of Technology Delhi, where he studied mechanical engineering.
Julien Galichet
Julien Galichet
Investment Manager, Paris
Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).
Rory Goodman
Rory Goodman
Investment Manager
Joined Ruffer in 2014 having graduated from Durham University with a first class honours degree in Economics. He is a member of the CISI and a Chartered Wealth Manager, having achieved a merit in both the Applied Wealth Management and Portfolio Construction Theory papers.
Joshua_Gunson
Joshua Gunson
Business Development Manager
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
Thomas_Hardy
Thomas Hardy
Investment Manager
Joined Ruffer in 2010 after graduating from Bristol University with an honours degree in history. In 2013 he became a member of the Chartered Institute for Securities & Investments, following the completion of his CISI Diploma, receiving a merit in the financial markets paper. He spent 2015 working as an equity analyst in Ruffer’s Hong Kong office and is currently on the investment committee for a London livery company.
Charalee Hoelzl
Investment Manager
Joined Ruffer in 2014 after graduating from James Cook University, Australia, with a first class honours degree in law and business. She initially worked in the Compliance department and now works within Ruffer’s institutional team. She received a distinction in the Private Client Investment Advice and Management paper in 2017 and is a CFA charterholder.
Rachel Holdsworth
Rachel Holdsworth
Investment Manager
Joined Ruffer in 2013 after graduating from Oxford University with a first class honours degree in biological sciences. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in both the Private Client Investment Advice and Management and Portfolio Construction Theory papers.
Ajay_Johal
Ajay Johal
Investment Manager
Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust.
Melissa Kampner
Investor Relations Manager
Joined Ruffer in 2021, focusing on international institutional client relationships. Prior to Ruffer, she spent 13 years at JPMorgan in both institutional asset management and the private bank, in New York and London. She graduated from Brandeis University in 2007 with a BA in Economics and Spanish.
Ruffer
Fiona Ker
Investment Manager
Joined Ruffer in 2017, in Edinburgh. Graduated with an honours degree in singing performance from the Royal Conservatoire of Scotland and went on to qualify as a chartered accountant with Ernst & Young. She passed the Investment Management Certificate in 2017.
Tom Matterson
Investment Manager
Joined Ruffer in 2016 from Bishops Rock Capital, a boutique corporate finance advisory firm, where he worked as an investment analyst. He spent 2020 working as an equity analyst in Ruffer’s Hong Kong office. He holds a BA in economics and geography from the University of Leeds, and is a CFA charterholder.
Celine_Matuszewski
Céline Matuszewski
Investor Relations Manager
After a Master’s degree in Economic Sciences at Panthéon–Assas University and Postgraduate studies in Wealth Management, she became a bond portfolio manager for Banque Transatlantique in Luxembourg, before moving to HSBC in France. She held several positions during her 12 year tenure, including looking after some of the wealthiest French families, and was ultimately a product specialist in the Wealth Management Group. Joined Ruffer in 2013.
Alexia_Palacios
Alexia Palacios
Analyst, Responsible Investment
Joined Ruffer in 2014 after graduating from the University of Cambridge with first class honours in land economy. Having gained experience in responsible investment while working with Ruffer’s charity team, she has specialised in this area since 2018. She has completed the PRI Academy Responsible Investment Essentials and Enhanced Financial Analysis courses and is a CFA charterholder.
Othmane_Rachedi
Othmane Rachedi
Investment Manager
Graduated from ESCP Europe with a Masters in Management, Double Major in Finance and Economics. He worked as an intern in several financial institutions, in mergers and acquisitions and asset management before joining Ruffer in 2012. He is a CFA charterholder.
Orlando_Roberts
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.
Oliver Shale
Oliver Shale
Investment Manager
Joined Ruffer in 2016 as part of the graduate programme, he now supports the charities team. He has a degree in natural sciences from Cambridge University and has completed both units of the Investment Management Certificate and the Private Client Investment Advice and Management paper.
Anthony_Snowden
Anthony Snowden
Investment Manager
Joined Ruffer in September 2010 having previously worked for Barclays Wealth. He graduated from the University of Nottingham with a degree in Economics. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012.
Samantha_Stiefel-Sevitt
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.
Luka Gakic
Head of UK Wealth
Before joining Ruffer in 2011, he spent four years at Lehman Brothers, and then Nomura, where he worked in equity financing and delta–one sales. He graduated from Oxford University in 2006 with a degree in Philosophy, Politics and Economics.
Omar_Kodmani
Omar Kodmani
Head of International and Institutional
Joined Ruffer in 2019 from EnTrust Permal, a specialist in alternative investments. He originally joined what was the Permal Group in 2000 and held a number of roles there including Chief Executive, and Head of International. He holds a BA in economics from Columbia University, an MBA Finance from NYU-Stern, and is a CFA charterholder.
Hamish_Baillie
Hamish Baillie
Investment Director
Joined Ruffer in 2002. He founded and manages the Edinburgh office of Ruffer LLP which opened in September 2009 and is a director of Ruffer (Channel Islands) Limited. He manages investment portfolios for individuals, trusts, charities and pension funds and is the lead manager of the Ruffer Investment Company, which is listed on the London Stock Exchange. He is a member of the Chartered Institute for Securities & Investment and a graduate of Trinity College Dublin.
David_Ballance
David Ballance
Investment Director
Previously International Equities Head at Rothschild Private Management and European Equities Head at Rothschild Asset Management. He graduated from Oxford and was a Senior Investment Manager at Allied Dunbar, before moving to Threadneedle as Head of European Equities. He joined Ruffer in 2006 and manages a number of segregated portfolios for institutional and private clients.
David_Benson
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.
Benjamin_Boucher-Ferte
Benjamin Boucher–Ferté
Investment Director
Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.
Alice_Brader
Alice Brader-Ellis
Investment Director
Graduated in 2002 from Durham University with a BA (Hons) in Chinese and Management, and began her career with Bloomberg in London and Hong Kong. In 2007, while still in Hong Kong, she joined JPMorgan Asset Management, and in 2014 transferred back to London with JPMorgan Private Bank as part of the International Manager Selection team. She joined Ruffer in 2017.
Sophie Burke-Murphy
Sophie Burke-Murphy
Investment Director
Joined Ruffer in 2012. Previously at Global Asset Management (GAM) for five years as a Junior Analyst and then as a Portfolio Manager’s Assistant. A graduate of Bristol University, she is a qualified Chartered Alternative Investment Analyst and completed the CISI Private Client Investment Advice and Management Paper in 2012.
Peter_Carew
Peter Carew
Investment Director
Previously portfolio manager and Head of Private Clients with Credit Suisse UK Ltd, having been a Divisional Director with Carr Sheppard Crosthwaite. Prior to his career in the City, he was in the Army. He holds an MBA from London Business School and he joined Ruffer in 2002.
Alexander_Chartres
Alexander Chartres
Investment Director
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics. Alex worked closely with Clemmie Vaughan and Jonathan Ruffer for six years. In 2012, he became a member of the Chartered Institute for Securities & Investment, achieving a merit in the Private Client Advice and Management paper. He specialises in geopolitics and its investment implications, with a particular focus on European and Great Power politics. He is a co-manager of the LF Ruffer Total Return Fund.
Bertie_Dannatt
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.
Hermione_Davies
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.
Laetitia_East
Laetitia East
Director – US Institutional
A graduate of Oxford University, Laetitia joined Ruffer in 2012, completing the CISI Wealth Masters in 2015. Having previously managed a private wealth team, investing separately managed accounts, Laetitia now works on the International and Institutional team and is focused on growing Ruffer’s US business.
Lauren French
Lauren French
Investment Director
After graduating from Oxford University she worked at JO Hambro Capital Management, assisting with the transition of James Hambro & Partners LLP. Joined Ruffer in 2010 and became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012, receiving a merit in the Applied Wealth Management paper.
Alex_Lennard
Alex Lennard
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of two of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Charles_Lynne
Charles Lynne
Investment Director
Joined Ruffer in 2008 after three and a half years at Morgan Stanley Investment Management, including a placement in Asia. He graduated from Durham University with first class honours in Natural Sciences and became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in the Applied Wealth Management paper. He became a Chartered Fellow of the CISI in 2015.
Duncan_Macinnes
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.
Annabel_Mackenzie
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.
Sean_McCreery
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.
Lucie_Meagher
Lucie Meagher
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with a BSc (Hons) in Mathematics. She became a member of the Chartered Institute for Securities & Investment (CISI) in 2009, following the completion of a Diploma in Investment Compliance and the CISI Diploma, receiving a credit in the Private Client Advice and Management Paper.
David Moos
David Moos
Investment Director, Paris
Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.
Phil_Morris
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.
Jos_North
Jos North
Investment Director
Joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager of the LF Ruffer Absolute Return Fund.
Dominic_Pearson
Dominic Pearson
Investment Director
A graduate of Manchester University, he was previously at NCL Smith & Williamson for nine years as a research analyst, investment manager and, subsequently, director. He joined Ruffer in 2004 and manages approximately £500m across a variety of client types including private clients, charities, institutional, pensions and private OEICs. He is a Fellow of the Chartered Institute for Securities & Investment.
Oliver_Pile
Oliver Pile
Investment Director
Joined Ruffer in 2009 after three years at Gillespie Macandrew as a trainee investment manager. Graduated from Northumbria University in 2006 with an honours degree in Business Studies. He also worked for State Street and is a member of the Chartered Institute for Securities & Investment.
Christopher_Querée
Christopher Querée
Investment Director
Previously Director at Le Masurier, James & Chinn, now absorbed within the HSBC Group. He spent thirteen years there, with responsibility for offshore private clients, moving to Chiswell Associates in 2001 to focus on charity fund management, before joining Ruffer in 2004 to help develop the firm’s charity business. He holds an MBA from Henley Management College and is co-manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
Ian_Rees
Ian Rees
Investment Director
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst covering emerging markets, and is a CFA charterholder.
Sabine Remnant
Sabine Remnant
Investment Director
Joined Ruffer in 2005 after graduating from Bristol University. She became a member of the Chartered Institute for Securities & Investments in 2009 following the completion of her CISI Diploma, with a credit in the Private Client Advice and Management Paper.
Jenny_Renton
Jenny Renton
Investment Director
Joined Ruffer in 2013 and leads Ruffer’s US team and co-manages two of Ruffer’s flagship funds, alongside managing a number of separately managed accounts for endowments and foundations. Prior to joining Ruffer, she worked with oil and gas companies on their corporate and financial strategies, before joining the fund team at Ingenious Investments, an alternatives investment house. She is a CFA charterholder.
Emma_Rutter
Emma Rutter
Investment Director
Joined Ruffer in 2001 after graduating from Edinburgh University with an honours degree in economics and business studies. She is a member of the Chartered Institute for Securities & Investment, following the completion of her CISI Diploma in 2004.
Steve_Russell
Steve Russell
Investment Director
Graduated from Oxford in Philosophy, Politics and Economics and started work as an equity analyst at Confederation Life in 1987, where he became Head of Equities in charge of £5 billion of equity funds. In 1999 he moved to HSBC Investment Bank as Head of UK and European Equity Strategy, before joining Ruffer in 2003. He became a non–executive director of JPMorgan Fleming Continental Investment Trust in 2005 and is co–manager of the LF Ruffer Total Return Fund.
Harry_Sevier
Harry Sevier
Investment Director
Joined Ruffer in 2008 after graduating with an MA Honours degree from Edinburgh University. He became a member of the Chartered Institute for Securities & Investment on completing the CISI Diploma in 2010, receiving an Outstanding Achievement Award and a merit in the Private Client Advice and Management Paper. He manages investment portfolios for individuals, trusts and charities.
Matt_Smith
Matt Smith
Investment Director
Joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having received a distinction in the financial derivatives paper. He sits on the senior asset allocation committee and co-manages two of Ruffer’s flagship funds.
Kevin_Smith
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.
Emma_Varley
Emma Varley
Investment Director
Joined Ruffer in 2012 after graduating from St Andrews University with a first class honours degree in History. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management.
Clemmie_Vaughan
Clemmie Vaughan
Director
She was Chief Executive between April 2017 and October 2021. She is a Governor of St Mary’s Ascot. She is a member of the Chartered Institute for Securities & Investment and completed the Advanced Management Program at IESE in Barcelona in 2017. She holds an honours degree in economics and geography from Exeter University. She joined Ruffer in 2005.
Kathryn Forsyth
Kathryn Forsyth
Investment Manager
Joined Ruffer in 2016, having graduated with a degree in Spanish and international management from the University of Bath. She became a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management in 2019.
Julien Galichet
Julien Galichet
Investment Manager, Paris
Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).
Rory Goodman
Rory Goodman
Investment Manager
Joined Ruffer in 2014 having graduated from Durham University with a first class honours degree in Economics. He is a member of the CISI and a Chartered Wealth Manager, having achieved a merit in both the Applied Wealth Management and Portfolio Construction Theory papers.
Thomas_Hardy
Thomas Hardy
Investment Manager
Joined Ruffer in 2010 after graduating from Bristol University with an honours degree in history. In 2013 he became a member of the Chartered Institute for Securities & Investments, following the completion of his CISI Diploma, receiving a merit in the financial markets paper. He spent 2015 working as an equity analyst in Ruffer’s Hong Kong office and is currently on the investment committee for a London livery company.
Charalee Hoelzl
Investment Manager
Joined Ruffer in 2014 after graduating from James Cook University, Australia, with a first class honours degree in law and business. She initially worked in the Compliance department and now works within Ruffer’s institutional team. She received a distinction in the Private Client Investment Advice and Management paper in 2017 and is a CFA charterholder.
Rachel Holdsworth
Rachel Holdsworth
Investment Manager
Joined Ruffer in 2013 after graduating from Oxford University with a first class honours degree in biological sciences. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in both the Private Client Investment Advice and Management and Portfolio Construction Theory papers.
Ajay_Johal
Ajay Johal
Investment Manager
Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust.
Ruffer
Fiona Ker
Investment Manager
Joined Ruffer in 2017, in Edinburgh. Graduated with an honours degree in singing performance from the Royal Conservatoire of Scotland and went on to qualify as a chartered accountant with Ernst & Young. She passed the Investment Management Certificate in 2017.
Tom Matterson
Investment Manager
Joined Ruffer in 2016 from Bishops Rock Capital, a boutique corporate finance advisory firm, where he worked as an investment analyst. He spent 2020 working as an equity analyst in Ruffer’s Hong Kong office. He holds a BA in economics and geography from the University of Leeds, and is a CFA charterholder.
Celine_Matuszewski
Céline Matuszewski
Investor Relations Manager
After a Master’s degree in Economic Sciences at Panthéon–Assas University and Postgraduate studies in Wealth Management, she became a bond portfolio manager for Banque Transatlantique in Luxembourg, before moving to HSBC in France. She held several positions during her 12 year tenure, including looking after some of the wealthiest French families, and was ultimately a product specialist in the Wealth Management Group. Joined Ruffer in 2013.
Alexia_Palacios
Alexia Palacios
Analyst, Responsible Investment
Joined Ruffer in 2014 after graduating from the University of Cambridge with first class honours in land economy. Having gained experience in responsible investment while working with Ruffer’s charity team, she has specialised in this area since 2018. She has completed the PRI Academy Responsible Investment Essentials and Enhanced Financial Analysis courses and is a CFA charterholder.
Othmane_Rachedi
Othmane Rachedi
Investment Manager
Graduated from ESCP Europe with a Masters in Management, Double Major in Finance and Economics. He worked as an intern in several financial institutions, in mergers and acquisitions and asset management before joining Ruffer in 2012. He is a CFA charterholder.
Orlando_Roberts
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.
Oliver Shale
Oliver Shale
Investment Manager
Joined Ruffer in 2016 as part of the graduate programme, he now supports the charities team. He has a degree in natural sciences from Cambridge University and has completed both units of the Investment Management Certificate and the Private Client Investment Advice and Management paper.
Anthony_Snowden
Anthony Snowden
Investment Manager
Joined Ruffer in September 2010 having previously worked for Barclays Wealth. He graduated from the University of Nottingham with a degree in Economics. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012.
Samantha_Stiefel-Sevitt
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.
Toby_Barklem
Toby Barklem
Business Development Director
Joined Ruffer in 2017, having spent five years at Standard Life Aberdeen in a variety of business development roles focused on financial advisers. He studied history, initially graduating from Exeter University in 2003 and then latterly Imperial College London. Following this he spent seven years as an officer in the British Army.
Alexander_Bruce
Alexander Bruce
Investor Relations Manager
Graduated from the University of Newcastle upon Tyne with a degree in English Literature. Joined Ruffer in 2003. He has worked in product management and investor communications and became a Fund Relations Manager in 2017.
Joshua_Gunson
Joshua Gunson
Business Development Manager
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
Henry_Maxey
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.
Miranda Best
Interim Co-CEO
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 began managing the Ruffer illiquid strategies funds in 2011, became Head of Specialist Funds in 2016, and Head of Investments in 2020. Miranda is a Member of the Board and Executive Committee and has acted as interim Co-CEO with Chris Bacon since May 2021.
Aled Smith
Deputy Chief Investment Officer
Joined Ruffer in 2021 from an Investment Director role at JO Hambro Capital Management. Previous roles include leading the global equities division at M&G Investment where he successfully managed a number of funds including the M&G Global Leaders Fund.
Rushir_Asnani
Ruchir Asnani
Research Director
Previous work includes six years as an auditor with Deloitte and PriceWaterhouseCoopers, an accounting–based pan–European role in equity research at CFRA/Risk Metrics and two years as a research analyst at AKO Capital. He graduated with a Masters in Business from Oxford University in 2007 and joined Ruffer in 2012.
Marnoch_Aston
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.
Alex Barnett
Research Director
Joined Ruffer in 2013, after spending 12 years on the sell side. Began his investment career in Canada in 2000 focusing on healthcare, before moving in 2005 to Jefferies International in Paris, researching pan–European small/mid caps, and then industrials. He is a CFA charterholder.
Des_Brennan
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.
Jamie_Dannhauser
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.
Jon_Dye
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.
Richard_Edwards
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.
Alex_Grispos
Alex Grispos
Investment Director
Graduated from Imperial College with a first class degree in mechanical engineering. He started in equity research in 1998 at Alpha Trust in Greece and then worked in venture capital for six years. He then joined Top Technology Ventures in the UK, and subsequently became Investment Manager with RTF based in London and St Petersburg, Russia. He joined Ruffer in 2005 and manages the LF Ruffer Equity and General Fund.
Jacques_Hirsch
Jacques Hirsch
Research Director
Prior to joining Ruffer in 2011, he spent over ten years in fund management and macro research at firms including Goldman Sachs, GLG Partners and Fulcrum Asset Management. He graduated from École Centrale Paris in 1999, and holds an MSc in Mathematics from Oxford University. He is co–manager of Ruffer Total Return International.
Alex Jamieson
Research Business Director
Joined Ruffer in 2012 as Risk and Attribution Manager, moving to the Ruffer Mid and Smaller Companies team in 2014. Prior to this, he spent four years at F&C Investments and State Street. Holds a Masters degree in international financial analysis from Newcastle University. He is a CFA charterholder.
Henry Jolliffe
Research Director
Joined Ruffer’s private client team in 2014, having graduated with a degree in law from Cambridge University. He moved to Research to assist the macro team in 2017. He is a CFA charterholder.
Paul_Kennedy
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.
Mary_McBain
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.
Tristan Matthews
Research Director
Joined Ruffer in 2009 after graduating with an Economics degree from Cambridge University. After three years assisting a client portfolio manager, he moved to the research department, starting in Hong Kong. Since 2013, he has been based in London, focused on Japanese equities and working on the LF Ruffer Japanese Fund. He is a CFA charterholder.
Simon_Mountain
Simon Mountain
Research Director
Previously at Bain & Company, having gained ten years’ experience as a strategy consultant. Started his career in PwC Transaction Services advising on European private equity deals. Graduated from University of Cambridge with a Master’s degree in Manufacturing Engineering. He joined the LF Ruffer European Fund team in 2013, becoming co–manager in 2016.
Kentaro_Nishida
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.
Claire Titmarsh
Research Director
Joined Ruffer in 2005 after graduating with a first class honours degree in economics and finance from the University of York. She joined the LF Ruffer European Fund team in 2011, becoming co–manager in 2016.
Andrew_vanBiljon
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.
Trevor_Wild
Trevor Wild
Research Director
Worked for BZW from 1983, where he led a number of successful research teams, joining Commerzbank in 1999 to begin his career as a Portfolio Manager. In 2005 moved to Lehman Brothers as Managing Director of the Long Term Value Fund. He joined Ruffer in 2008 and is manager of the Ruffer UK Mid and Small Companies Fund.
John Wong
Research Director
Joined the LF Ruffer Gold Fund team in 2014. Prior to this, he ran several specialist commodity funds at CQS. He previously co-managed LF Ruffer Equity & General and LF Ruffer Total Return Fund. He is a chartered accountant and a CFA charterholder.
Shaheen Zaman
Research Director
Graduated in 2003 from the Indian Institute of Technology Bombay with B Tech in engineering physics, working in equity research, quantitative equity research, derivatives, and game design until 2008. Joined Ruffer in 2010, having received an MBA with distinction from the London Business School.
Sahil Gaba
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.
Michael Gower
Chief Financial Officer
Joined Ruffer in 2021 from Vanguard where he was CFO for Europe and International. Started his career in fixed income at Lehman Brothers, subsequently working at Rabobank and Robeco. He holds an honours degree in modern languages from Cambridge University.
Gillian_vanMaaren
Gillian van Maaren
Head of HR
Previously Global Head of HR at CQS, prior to which she worked in HR at Jupiter Asset Management. Gillian has a wealth of HR experience with roles in asset management, energy and property. She joined Ruffer in 2019.
Edwina_Blackford
Edwina Blackford
Governance Director
Joined Ruffer in 2012 having spent several years working in the financial services industry, principally for Loudwater Investment Partners, a pre–IPO private equity investment business, and Panmure Gordon, an AIM listed stockbroker.
Martyn_Cane
Martyn Cane
Investment Operations Director
Prior to joining Ruffer in 2010, he worked at GLG Partners as the corporate actions manager. He brought with him 15 years of operational experience spanning a variety of operational functions at HSBC, Pershing and Société Générale.
Martin Cullen
Finance Director
Joined Ruffer in 2019 from the ED&F Man Group where he worked in corporate development, risk and most recently as CFO of the Grains division. Started his career at Chemical Bank, before working in various trading roles with Chase Manhattan and JPMorgan. He holds an honours degree in engineering from Oxford University and an MBA in finance from the Yale School of Management.
Nick_Horder
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.
Justine_McMullan
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).
Philipp_Mitterbauer
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).
Emma Potter
Facilities Director
Graduated from Royal Holloway University before joining Ruffer in 2004. She became a Member of the British Institute of Facilities Management in 2011 and is Secretary for the Committee of the Catering and Hospitality Special Interest Group. She is Chair of the Victoria Partnership’s Sustainable Prosperity steering group which deals with corporate and social responsibility issues for the local community.
Victoria Powell
Regulatory Policy Director
Joined Ruffer in 2016, from the British Banking Association, previous to which she spent nine years in Paris as a Director at the European Securities Markets Authority, the European Commission’s regulatory authority and its founding body, the Committee of European Securities Regulators. Prior to this, she worked at the UK’s financial regulator, the Financial Services Authority and held various positions in Central Policy and in the Prudential Policy Department. She graduated in 1995 with a BA honours degree in East Asian Studies and Korean language from the University of Newcastle Upon Tyne.
Cecile Rousseau
Cecile Rousseau
Technology Director
Joined Ruffer in 2017, after ten years in various global technology roles at JPMorgan Asset Management. Prior to this, she worked at Accenture as a senior manager for multiple financial services clients. She graduated from ICN, Nancy University in France and holds a MBA from Aston University.
Louise_Stanway
Louise Stanway
Compliance Officer
Joined Ruffer in 1999 after graduating with an honours degree in accountancy and law and became Ruffer’s Compliance Officer in 2007. During 2004, she spent seven months seconded to the Personal Investment Management and Financial Advice Association (PIMFA, formerly WMA). Louise has been a Director of the Joint Money Laundering Steering Group since 2004 and was appointed as its Chairman on 1 July 2016. She has also chaired the PIMFA Financial Crime Committee since 2007.
Nicola Taskis
Projects Director
Joined Ruffer in early 2018 to create the Projects team, following 12 years in various technology and program management roles at Goldman Sachs. Prior to this, worked at Gartmore Investment Management, and as a software consultant. Holds a Bachelor of Business Science degree, with honours in information systems, from the University of Cape Town.
Russell_Vickers
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.
Hamish_Baillie
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.
Duncan_Macinnes
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.
Oliver_Pile
Oliver Pile
Investment Director
Joined Ruffer in 2009 after three years at Gillespie Macandrew as a trainee investment manager. Graduated from Northumbria University in 2006 with an honours degree in Business Studies. He also worked for State Street and is a member of the Chartered Institute for Securities & Investment.
Ruffer
Fiona Ker
Investment Manager
Joined Ruffer in 2017, in Edinburgh. Graduated with an honours degree in singing performance from the Royal Conservatoire of Scotland and went on to qualify as a chartered accountant with Ernst & Young. She passed the Investment Management Certificate in 2017.
Mary_McBain
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.
David Moos
David Moos
Investment Director, Paris
Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.
Julien Galichet
Julien Galichet
Investment Manager, Paris
Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).
Bertie_Dannatt
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.
Lauren French
Lauren French
Investment Director
After graduating from Oxford University she worked at JO Hambro Capital Management, assisting with the transition of James Hambro & Partners LLP. Joined Ruffer in 2010 and became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012, receiving a merit in the Applied Wealth Management paper.
Annabel_Mackenzie
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.
Rachel Holdsworth
Rachel Holdsworth
Investment Manager
Joined Ruffer in 2013 after graduating from Oxford University with a first class honours degree in biological sciences. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in both the Private Client Investment Advice and Management and Portfolio Construction Theory papers.
Jonathan_Ruffer
Jonathan Ruffer
Chairman
Trained as a stockbroker and barrister before moving into private client investment management in 1980, with Dunbar Fund Managers. Formerly Chief Investment Officer of Rathbone Bros plc. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004.
Robin Hindle Fisher
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.
Henry_Maxey
Henry Maxey
Chief Investment Officer
Joined Ruffer in 1998 after graduating from Oxford University with a first class honours degree in economics and management. He became a CFA charterholder in 2003. He managed the LF Ruffer Total Return Fund and LF Ruffer Equity & General Fund between 2001 and 2006. He joined the Executive Committee in 2006 and became Chief Investment Officer in 2010. Between 2012 and 2017 he combined this role with that of Chief Executive. Following the company’s growth, he relinquished the CEO role in April 2017 to focus on leading Ruffer’s investment strategy.
Michael Gower
Chief Financial Officer
Joined Ruffer in 2021 from Vanguard where he was CFO for Europe and International. Started his career in fixed income at Lehman Brothers, subsequently working at Rabobank and Robeco. He holds an honours degree in modern languages from Cambridge University.
Fleur Meijs
Fleur Meijs
Non-Executive Director
Former financial services partner at PwC, specialising in complex audits and high–profile advisory projects for financial institutions, mainly investment banks. Alongside her corporate non–executive directorships with Ruffer, Fidelity European Values plc and Invesco Asia Trust plc., she is active in the charity sector with United World Colleges (UWC). Fleur joined Ruffer’s Management Board in 2018.
Campbell Fleming
Non-Executive Director
Trained as a barrister in Australia before moving to the UK in 1995 and into the investment management industry in 1997, with Robert Fleming Asset Management (RFAM). Formerly Global Head of Distribution with Aberdeen Standard Investments, CEO of Columbia Threadneedle Investments and Head of UK for JPMorgan Asset Management after the merger of JPMorgan and Chase which had acquired RFAM. He also chairs The Big Exchange Limited and has served on various industry bodies and boards. Joined Ruffer’s Board and its sub-committees in July 2021.
Clemmie_Vaughan
Clemmie Vaughan
Director
She was Chief Executive between April 2017 and October 2021. She is a Governor of St Mary’s Ascot. She is a member of the Chartered Institute for Securities & Investment and completed the Advanced Management Program at IESE in Barcelona in 2017. She holds an honours degree in economics and geography from Exeter University. She joined Ruffer in 2005.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France