Jonathan Ruffer will retire as chairman of Ruffer LLP in December 2025, ending his final executive role at the investment firm he founded more than 30 years ago.
The move concludes a phased succession process that began in 2010 when Ruffer stepped down as chief executive. Henry Maxey, who became chief investment officer and chief executive in 2012, will take over as chairman in January 2026 while continuing in his current role as co-chief investment officer.
Ruffer founded the firm in 1994, along with Robert Shirley. Ruffer LLP has reorganised its corporate structure over the past decade, gradually shifting responsibilities away from its founders.
Shirley retired as a non-executive in 2021. In March 2023, Ruffer transferred ownership of the firm to its working partners to secure long-term alignment and succession.
Chris Bacon, who joined the firm from Rothschild in 2017 and became chief executive in 2021, continues to lead the business alongside co-chief investment officers Maxey and Neil McLeish.
The firm said responsibility for investment decision-making remains unchanged. The Ruffer portfolio has returned approximately 8% year to date.
Following retirement, Ruffer will focus on his charitable work in Bishop Auckland. The firm will continue donating 17% of its annual profits to support these initiatives.
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 15 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.”
Maxey called him “a wonderful mentor, friend and investment thinker” and credited him with building a firm “that would outlast his tenure for decades to come”.
Bacon added: “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.”