Ruffer LLP

Ruffer LLP

Type	Private (limited liability partnership)
Industry	Asset management
Founded	1994
Founders	Jonathan Ruffer Robert Shirley
Headquarters	London, United Kingdom
Number of locations	London, New York, Paris, Edinburgh, Guernsey
Key people	Jonathan Ruffer (Founder) Henry Maxey (Chairman designate and Co-CIO) Chris Bacon (Chief Executive)
Products	Investment management
Number of employees	Over 250
Website	ruffer.co.uk

Ruffer LLP is a UK asset management firm founded in 1994 by Jonathan Ruffer and Robert Shirley. The company is headquartered in London. Ruffer manages assets on behalf of institutions, pension funds, charities, financial planners and private clients in the UK and internationally.

Overview

Ruffer focuses exclusively on investment management. The firm’s investment philosophy centres on the principles of capital preservation and absolute return — seeking to make money consistently for clients while prioritising protection in the short term. They aim to create an ‘all-weather’ portfolio, where they hold investments for both growth and protection to avoid the need to time the market. Environmental, social and corporate governance (ESG) factors are integrated into its investment process as part of its broader stewardship responsibilities.

History

The firm was established in 1994 by Jonathan Ruffer and Robert Shirley as a privately-owned investment manager, with a focus on capital preservation and long-term growth. Ruffer built its reputation on a conservative, contrarian style of investing, often taking defensive positions to hedge against systemic risks. In 2025, it was announced Jonathan Ruffer would retire as chairman at the end of the year, to be succeeded by Co-Chief Investment Officer Henry Maxey.

Investment approach

Ruffer’s strategy aims to deliver positive returns regardless of broader market performance, typically using defensive assets such as derivatives while also seeking undervalued growth assets. The firm has historically taken unconventional macroeconomic positions. For example, in 2006, it sounded early warnings about systemic risk in the credit market, avoiding financial stocks and seeking safety in the yen and the Swiss franc. ‘Cracking the Credit Market Code’, a paper by Ruffer’s Co-Chief Investment Officer Henry Maxey, was cited in Institutional Investor as arguing that modern securitised credit structures suffer from a fallacy of composition: while individual participants behave rationally, the aggregate outcome can lead to instability.

Clients and operations

As of 2025, Ruffer manages assets for approximately 5,500 clients globally, primarily pension funds and other institutions, private individuals, families and charities. The firm operates as a limited liability partnership (LLP) and employs over 240 staff across its international offices.

Regulation and registration

Ruffer LLP is registered as a firm with the UK’s Financial Conduct Authority (FCA)."Ruffer LLP – FCA Register". Retrieved 2025-10-14. In the United States, Ruffer LLC (doing business as Ruffer North America LLC) is registered with FINRA as a broker-dealer. Its FINRA BrokerCheck profile is CRD No. 322523, and its public record is available via BrokerCheck. "RUFFER LLC – BrokerCheck". Retrieved 2025-10-14. Ruffer LLC acts as a distributor (not a transactional broker) for institutional accounts under FINRA rules, and it is registered with the US Securities and Exchange Commission. The BrokerCheck report also includes a more detailed PDF about the firm’s registration status and any disclosures. "RUFFER LLC BrokerCheck PDF" (PDF). Retrieved 2025-10-14.

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