Jonathan Ruffer announces retirement

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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.

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Ruffer LLP
80 Victoria Street
London SW1E 5JL

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

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Ruffer LLC
300 Park Avenue
New York NY 10022

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Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

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30 September 2025

Ruffer LLP is making changes to our Board after our Founder, Jonathan Ruffer, made the decision to retire as Chairman, his last position of responsibility at Ruffer, at the end of December 2025.

Jonathan will focus his time on his long-standing charitable commitments in Bishop Auckland. Ruffer will continue to provide 17% of its profits annually to support Jonathan’s charitable causes.

Succession planning around Jonathan’s eventual retirement began in 2010 when he announced he would be stepping down as CEO. This progressed gradually and came into effect in 2012 with Henry Maxey becoming both CIO and CEO.

Ruffer has spent significant time reorganising our corporate structure away from our founders to smooth the overall succession process, building strength and expertise in our investment team and the management of the firm. Chris Bacon joined Ruffer from Rothschild in 2017, becoming CEO in 2021. Neil McLeish joined Henry as co-CIO in 2022, and Campbell Fleming joined the Board as a non-executive in 2021, before becoming Deputy Chairman in 2022. This work culminated in March 2023 when Jonathan transferred ownership of Ruffer to our working partners to ensure long term alignment of interests and secure the future success of the firm.

Henry Maxey will become Chairman of Ruffer in January 2026 and will continue in his role as co-Chief Investment Officer (CIO). Responsibility for investment decision making at Ruffer is unchanged.

Chris Bacon, CEO, says: “So much of what’s great about our firm is a reflection of Jonathan. Since beginning his handover in 2010, he’s continued nurturing talented investors, developing leaders and sharing insights and wisdom. He leaves behind a strong firm with a thriving ethos and culture, and we look forward to continuing to serve our clients for decades to come. On behalf of the whole Ruffer partnership, we wish Jonathan every continued success with his charitable work in Bishop Auckland.”

Jonathan Ruffer, says: “The timing of such a decision is never an easy one, not least because it raises the obvious question – Why? Why now? The company is in cracking shape, and that is reason enough. For fifteen years, I have edged away from the centre, first passing my role as CEO to Henry Maxey, leaving the Executive Board some years later, surrendering my position as CIO to make way for better and (by the look of them) younger models than me.”

Henry Maxey, Chairman designate and co-CIO, says: “Jonathan is a wonderful mentor, friend, and investment thinker. I think it’s testament to him that his greatest achievement is building a firm that would outlast his tenure for decades to come.”

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Jonathan Ruffer announces retirement