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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.

London

Ruffer LLP
80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Paris

Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France

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

New York

Ruffer LLC
300 Park Avenue
New York NY 10022

Directions | Map +1 917 947 3003

Edinburgh

Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

BOARD

Henry Maxey

Chairman (designate) and Co-CIO

Joined Ruffer in 1998 after graduating from the University of Oxford with a first class honours degree in economics and management. He became a CFA charterholder in 2003. Henry joined the Executive Committee in 2006 and became Chief Investment Officer in 2010. In 2012, he additionally became Chief Executive, a role he relinquished in 2017 to focus on leading Ruffer’s investment strategy.

Articles by Henry

Campbell Fleming

Deputy Chairman

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.

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 Board and its sub-committees in 2018.

Twembi Rukandema

Non-Executive Director

Twembi leads the banking practice at MindGym, a behavioural science consultancy that offers culture and behaviour change solutions. A trained economist, he started his career in the government economics service, before holding economics and strategy consulting roles at PwC and Oxford Economics. He joined the Board and its sub committees in April 2023.

Chris Bacon

Chief Executive

Worked at the Foreign Office, Barclays and Rothschild before joining Ruffer in 2017. He holds a first class honours degree in economics and international development from the University of Bath. Chris is a Member of the Board and Executive Committee and became Chief Executive in January 2022.

Articles by Chris

Miranda Best

Deputy 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 Ruffer's illiquid strategies 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 became Deputy CEO in January 2022.

EXECUTIVE COMMITTEE

Chris Bacon

Chief Executive

Articles by Chris

Miranda Best

Deputy CEO

Katie Smith

General Counsel

Joined Ruffer in 2022 from Vanguard where she was European General Counsel. Prior roles include Managing Director and Global Head of Compliance for Deutsche Bank’s Asset Management division and Managing Director in the Legal team at BlackRock. She began her career at Clifford Chance LLP, is admitted as a solicitor in England and Wales, and a graduate of the University of Cambridge.

Simon Mountain

Chief Operating Officer

Joined Ruffer in 2013 from Bain & Company where he advised clients on strategic and operational issues. He holds a Master’s degree in manufacturing engineering from the University of Cambridge.

Articles by Simon

Edwina Blackford

Head of People and Culture

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.

Jos North

Head of Clients & Distribution

Jos oversees client relations and business development. He joined Ruffer in 2012 and previously led Ruffer’s UK institutional and wholesale business, managing relationships for a number of institutional clients and intermediaries. Prior to this he was a fund manager in the investment team.

Articles by Jos

INVESTMENT

Henry Maxey

Chairman (designate) and Co-CIO

Articles by Henry

Miranda Best

Deputy CEO

Neil McLeish

Co-CIO

Joined Ruffer in 2022 after nearly 30 years at Morgan Stanley where he held roles in Research and Trading, latterly as Global Head of Macro Research. In 2021, he undertook the Sloan Fellowship at London Business School, graduating with Distinction. He became Co-Chief Investment Officer in 2023.

Articles by Neil

Jonathan Ruffer

Founder

Trained as a barrister and a stockbroker with Myers & Co in 1973 before moving into private client investment management in 1979, 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.

Articles by Jonathan

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.

Articles by Marnoch

Michael Biggs

Head of Macro Strategy

Joined Ruffer in April 2025 from GAM, where he served as a macro strategist and portfolio manager on the emerging market debt team. Prior to this, he worked in a variety of economist and strategist roles at Deutsche Bank. He holds a PhD in Economics from the University of Cambridge.

Articles by Michael

Alexander Chartres

Fund Manager

Joined Ruffer in 2010, graduating from Newcastle University with a first class honours degree in history and politics. He was a manager on Ruffer’s private client team, becoming a long-standing fund manager in our investment team and a Partner in the firm. He is a Fellow of the CISI and has an extensive knowledge of macro economics and geopolitics.

Articles by Alexander

Jamie Dannhauser

Economist

Joined Ruffer in 2014, after seven years at Lombard Street Research. He is the firm’s economist and is responsible for shaping, and at times challenging, its macro and thematic views. He graduated from the University of Cambridge with a first class honours degree in economics. He is currently a member of the IEA’s Shadow Monetary Policy Committee.

Articles by Jamie

Teun Draaisma

Head of Investment Strategy

Joined Ruffer in April 2023 from Man Group, where he was the lead portfolio manager of the multi-asset funds. Previous roles included BlackRock, Morgan Stanley and TT International as a fund manager, asset allocator and equity strategist. He holds a Master’s degree in econometrics from Erasmus University Rotterdam.

Articles by Teun

Jon Dye

Research Director

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

Head of Dealing

Joined Ruffer in 2010 to establish the centralised dealing team, having spent the previous ten years in a variety of trading and execution roles at Ecofin and Dye Asset Management. Prior to this he worked in the technology team at UBS Phillips & Drew.

Sahil Gaba

Research Director

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.

Alex Grispos

Research 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 two of Ruffer’s specialist funds.

Alex Jamieson

Head of Responsible Investment & Portfolio Support

Joined Ruffer in 2012 as Risk and Attribution Manager, moving to Ruffer’s mid and smaller companies team in 2014. Prior to this, he spent four years at F&C Investments and State Street. Holds a master’s degree in international financial analysis from Newcastle University. He is a CFA charterholder.

Articles by Alex

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 manages one of Ruffer's specialist funds.

Fiona Ker

Fund Manager

Joined Ruffer in 2017 from Ernst & Young. She holds an honours degree in singing performance from the Royal Conservatoire of Scotland. Fiona manages portfolios for institutions with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales.

Articles by Fiona

Kevin Paul

Responsible Investments Director – ESG

Joined Ruffer in 2022. Previously a Director at Credit Suisse HOLT covering sustainability research, and a Vice President in the European equities division at Goldman Sachs. He holds a first class honours degree in economics from the University of Cambridge, an MBA from London Business School and is a CFA charterholder.

Articles by Kevin

Ian Rees

Fund Manager

Joined Ruffer in 2012, graduating from the University of Bath with an honours degree in economics. Ian managed portfolios for a range of institutional investors and worked on equity research in our Hong Kong office, becoming a fund manager on our investment team. He is a CFA charterholder and has a keen interest in bottom-up equity research.

Articles by Ian

Matt Smith

Fund Manager

Joined Ruffer in 2011 after graduating from the University of Edinburgh with a first class honours degree in history and German. Initially working with Ruffer’s institutional portfolio management team, he spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst. A deliberate macro generalist with a strong affinity for economic history, Matt has been a fund manager in Ruffer’s investment team since 2019. He is a Partner in the firm and a Fellow of the CISI.

Articles by Matt

Andrew van Biljon

Research Director

Joined Ruffer in 2010 after completing an MPhil in Economics at the University of Oxford. He manages the derivatives in the Ruffer portfolio and is part of the Macro team, contributing to risk, research and asset allocation decisions.

Articles by Andrew

Jasmine Yeo

Fund Manager

Joined Ruffer in 2017, graduating with a degree from Warwick Business School. She is a member of the CISI, having completed the CISI Masters in Wealth Management. Jasmine was a manager on our private client team, becoming an investment specialist and then a fund manager in our investment team. She is a macro-generalist with an interest in investment trusts.

Articles by Jasmine

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.

Gemma Cairns-Smith

Investment Specialist

Joined Ruffer in 2020 after graduating from the University of Cambridge with a first class degree in land economy. She is an investment specialist with extensive experience working with wholesale and institutional clients. She is a CFA charterholder.

Articles by Gemma

Harvey East

Investment Specialist

Initially joining Ruffer's private client team in 2022, Harvey works with wealth managers and advisers as an investment specialist with Ruffer’s UK wholesale team. Previously a research analyst and investment executive at Redmayne Bentley, he graduated from the University of Leeds with a first class degree in international business and economics. He is a Chartered Member of the CISI and has completed the CISI Masters in wealth management.

Articles by Harvey

Alexander Jones

Research Analyst

Joined Ruffer's macro research team as a graduate in 2017. He holds an MSc from UCL and a first class degree from Durham University, both in economics.

Articles by Alexander

Hannah Nairn

Research Associate

T +44 (0)20 7963 8065

Joined Ruffer in 2021 after completing a master’s degree in economics at the University of Cambridge. Previously graduated from the London School of Economics in 2019 with a first class honours in history.

Articles by Hannah

CLIENTS

Jos North

Head of Clients & Distribution

Articles by Jos

David Benson

Co-Head of UK Institutional

T +44 (0)20 7963 8204

After graduating from the University of Oxford, 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.

Ben Crawfurd-Porter

Co-Head of UK Institutional

Joined Ruffer in 2017, having graduated with a master’s degree in physics from the University of Edinburgh. Previous roles in Ruffer's responsible investment and UK charities teams, and he is responsible for Ruffer’s LGPS investors. He is a member of the CISI and a CFA charterholder.

Articles by Ben

Bertie Dannatt

Head of Private Wealth

T +44 (0)20 7963 8226

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.

Articles by Bertie

Jack Dunne

Director – Private Wealth

Joined Ruffer in 2018 after graduating from the University of Cambridge with a degree in management and land economy. He manages portfolios for private clients and charities as part of Ruffer’s Private Wealth team. He is a member of the Chartered Institute for Securities & Investment and a Chartered Wealth Manager.

Articles by Jack

Laetitia East

Director – US Institutional | Ruffer LLC registered representative

T +1 917 947 3003

Joined Ruffer in 2012 after graduating with a degree in modern history from the University of Oxford. She became a member of the CISI in 2014 following completion of the CISI Diploma. Previously an investment manager, Laetitia helped establish Ruffer’s US business in 2019. She is based in Ruffer’s New York office and responsible for Ruffer’s US institutional business development. She holds Series 7 and 63.

Articles by Laetitia

Lauren French

Deputy Head of Private Wealth

T +44 (0)20 7963 8131

After graduating from the University of Oxford, she worked at JO Hambro Capital Management. 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. She has been an Investment Director in the UK Wealth team since 2019.

Articles by Lauren

Rory Goodman

Director – Private Wealth

T +44 (0)20 7963 8266

Joined Ruffer in 2014, having graduated from Durham University with a first class honours degree in economics. He manages portfolios for UK and international private clients. He is a Chartered Fellow of the CISI and a Chartered Wealth Manager.

Articles by Rory

Tim Gordon

Director – UK Wholesale

T +44 (0)20 7963 8161

Joined Ruffer in 2021 to develop UK wholesale distribution. He previously spent five years at Robeco developing their UK business and five years at SKAGEN as Head of UK Wholesale.

Joshua Gunson

Director – UK Wholesale

T +44 (0)20 7963 8254

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 Bayes Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.

Garrey Hamilton

Director – UK Wholesale

T +44 (0)20 7963 8047

Joined Ruffer in 2021, having spent the previous 14 years at RLAM and Standard Life Investments. He holds the Diploma in Regulated Financial Planning (CII) and the Investment Management Certificate (CFA). He is also a trustee of the Agnes Hunter Trust (SCIO), sitting on the investment committee.

Thomas Hardy

Director – Private Wealth

Joined Ruffer in 2010 after graduating from Bristol University with an honours degree in history. He spent 2015 working as an equity analyst in Ruffer’s Hong Kong office. He is currently on the investment committee for a London livery company, is a trustee for the registered charity Horlock Educational Trust, and a member of the Chartered Institute for Securities & Investments.

Rachel Holdsworth

Director – Private Wealth

T +44 (0)20 7963 8056

Joined Ruffer in 2013, having graduated from the University of Oxford with a BA Honours in biological sciences. She manages portfolios for private clients in the UK and Channel Islands. She is a fellow of the CISI, following completion of the CISI Masters in wealth management.

Chad Kutney

Director – US Institutional | Ruffer LLC registered representative

T +1 917 947 3005

Joined Ruffer in 2022 with a focus on developing Ruffer’s US Institutional business. Most recently, he was a Director at Winton Group, a leading global investment management firm, serving as a Senior Client Advisor. Chad holds a BA in economics from Rutgers University. He also holds Series 7, 24 and 63.

Alex Laurie

Head of Marketing & Communications

Joined Ruffer in 2017 from Alliance Trust Investments, where she focused on marketing their range of sustainable investment funds. She holds a BA Hons in anthropology from the University of Durham.

Charles Lynne

Director – Private Wealth

T +44 (0)20 7963 8222

Joined Ruffer in 2008 and manages investment portfolios for individuals and charities. Previously at Morgan Stanley Investment Management, including a placement in Asia. He holds a first class honours in natural sciences from Durham University and is a Chartered Fellow of the CISI.

Articles by Charles

Annabel Mackenzie

Director – Private Wealth

T +44 (0)20 7963 8108

Joined Ruffer in 2006, graduating from the University of Edinburgh with an MA (Hons) in economics, and is a member of CISI. She manages portfolios for private clients and a Director of Ruffer (Channel Islands) Limited.

Orlando Roberts

Director – Private Wealth

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.

Chiara Ruta

Director – Europe

T +33 (0)1 88 45 02 59

Joined Ruffer in 2021, to expand the institutional clients business across continental Europe. Previously at Morgan Stanley and EBRD (the European Bank for Reconstruction and Development), she holds a master’s degree in economics from Bocconi University, Milan, and is fluent in Italian, English, French and Spanish.

Samantha Stiefel–Sevitt

Director – Private Wealth

Before joining Ruffer in 2014, she worked as a private banker at Barclays, Wealth and Investment Management. During her time at Barclays, she spent six months in Singapore in their Active Advisory Team. She graduated from the University of Nottingham in 2009 with an honours degree in finance, accounting and management and became a CFA charterholder in 2013.

Emma Varley

Director – Private Wealth

T +44 (0)20 7963 8069

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.

Piers Wheeler

Director – Global Institutional

T +44 (0)20 7963 8258

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.

India White-Spunner

Director – UK Institutional

T +44 (0)20 7963 8289

Joined Ruffer in 2017 having graduated with an MA honours in English from the University of St Andrews. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management in 2019. She manages UK institutional client portfolios including defined benefit pension schemes and charities.

Articles by India

Charlotte Bentley

Manager – Private Wealth

After graduating from University of Bristol with a first class degree in economics and mathematics, she worked at London Wealth Management. Joined Ruffer in 2023 and manages portfolios for private clients as part of the Private Wealth team. She is a Chartered Wealth Manager and member of the Chartered Institute for Securities & Investment.

Rebecca Holloway

Manager – UK Wholesale

Joined Ruffer in 2020 and is responsible for financial advisers and wealth managers in the Southwest, Midlands, and East of England. Previous roles included four years as Business Development & Project Manager at a regional independent financial adviser. She holds a degree in business and management from the University of Reading.

Mathieu Ras

Investment Specialist – Europe

Trained as a multi asset and derivatives broker in 2009, joining IHS Markit (now S&P Global) as a macro research specialist, followed by an institutional proposal role at Carmignac. Joined Ruffer in 2022 to focus on institutional clients in Europe. Mathieu graduated from EDHEC Business School and is a CFA charterholder.

Oliver Shale

Investment Specialist, US | Ruffer LLC registered representative

Joined Ruffer in 2016, having graduated from the University of Cambridge with a BA honours degree. He is an investment specialist based in Ruffer’s New York office and is focused on building Ruffer’s US business for pension plans, endowments, foundations and family offices. He is a CFA charterholder, and also holds Series 7 and 63.

Articles by Oliver

Annabel Paterson

Senior Associate – Global Institutional

T +44 (0)20 7963 8123

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.

Articles by Annabel

BUSINESS

Katie Smith

General Counsel

Simon Mountain

Chief Operating Officer

Joined Ruffer in 2013 from Bain & Company where he advised clients on strategic and operational issues. He holds a Master’s degree in manufacturing engineering from the University of Cambridge.

Articles by Simon

Edwina Blackford

Head of People and Culture

André Bruwer

Head of Legal and Head of Product

Joined Ruffer in 2023, and prior roles include serving as Global Head of Legal at the Asset Management Exchange and Global Head of Product Legal at Man Group. He began his career as an attorney in South Africa, subsequently qualified as a solicitor in England and Wales and holds a post graduate law degree from the University of Stellenbosch. André became Head of Legal and Head of Product in April 2024.

Martyn Cane

Investment Operations Director

Prior to joining Ruffer in 2010, he held roles across a range of operational functions at HSBC, Pershing, Société Générale and GLG Partners.

Martin Cullen

Finance Director

Joined Ruffer in 2019, after 13 years in corporate development and finance roles at the ED&F Man Group. Previous roles included Vice President in the Rates division of JPMorgan. He holds an MEng from the University of Oxford and an MBA from the Yale School of Management.

Lucy Hodgson

Head of Compliance

Joined Ruffer’s Legal department in 2015 from law firm, Simmons & Simmons, where she specialised in investment funds and financial services regulatory matters. She is admitted as a solicitor in England and Wales, holds an LLB from the University of Bristol and an MBA from BPP University Business School. Lucy became Head of Legal in 2022 and in April 2024 she moved to become Head of Compliance.

Kate Law

Head of Client Operations

Previously at JM Finn, she joined Ruffer’s Operations team in 2010, moving to an investment team in 2013. In 2022, she returned to Operations and is responsible for Client Operations.

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

Head of Risk

Joined Ruffer’s Compliance team in 1999, after graduating with an honours degree in accountancy and law, and became Compliance Officer in 2007. Louise was Ruffer’s Head of Compliance until April 2024, when she moved to become Head of Risk. Louise was a Director of the Joint Money Laundering Steering Group from 2004 to 2023 and served as its Chair from 2016 to 2022. She also chaired PIMFA’s Financial Crime Committee from 2007 to 2024.

Nicola Taskis

Head of Investment Delivery

Joined Ruffer in 2018, following 12 years in various technology and program management roles at Goldman Sachs. Prior to this, she worked at Gartmore Investment Management, and as a software consultant. She holds a Bachelor of Business Science (Hons) from the University of Cape Town.

London

Ruffer LLP
80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Paris

Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France

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

New York

Ruffer LLC
300 Park Avenue
New York NY 10022

Directions | Map +1 917 947 3003

Edinburgh

Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

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