By Maisie Grice
Copyright cityam
Jonathan Ruffer, co-founder of the Ruffer investment firm, will step down as chair at the end of the year, after more than three decades at the London-based business.
Henry Maxey, Ruffer’s co-chief investment officer, will become chair from the start of next year, in addition to his other position.
The firm, which manages £19bn of assets, was established by Ruffer’s in 1994 alongside Robert Shirley, the 14th Earl Ferrers, who retired as non-executive in 2021.
It is known for its defensive positions, running an absolute return strategy that aims to generate returns regardless of market performance, it returns an average 8 per cent a year after fees and charges.
However, its flagship Total Return fund faltered in 2023 and 2024.
Stepping back
Ruffer began stepping back from the business over a decade ago, working to ensure the overall succession process was a smooth transition.
He stood down as chief executive in 2010, and reorganised the firm to pass more responsibility to its investment team and management, in order to build the firm’s strength and expertise.
This work culminated in 2023, when he transferred ownership of Ruffer to the firm’s working partners to ensure long term alignment of interest and secure the future success of the firm.
Going forward
Ruffer said: “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…to make way for better, and by the look of them younger models than me.”
Ruffer will shift his focus to charitable commitments in Bishop Auckland, a town in north-east England, after his retirement, the London based firm said.
Chris Bacon, chief executive of Ruffer said: “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.”
