Ruffer

Spear’s Review

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors, with £18.5 billion in assets under management as of 30 April 2025. The firm adopts a ‘safety first’ ethos, with a goal of delivering positive returns, no matter what happens in financial markets. Clients span the full range of high-net-worth individuals, investing up to multiple millions at the top end.

Ruffer was founded in 1994 by Jonathan Ruffer, multimillionaire philanthropist; Robert Shirley, 14th Earl Ferrers (then Viscount Tamworth); and Jane Tufnell, current chair of ICG Enterprise Trust. Tufnell worked at Ruffer for over 20 years, while Jonathan Ruffer has been involved in the business since its inception. As part of the firm’s succession strategy, he stepped back from day-to-day management and the executive board in 2020, and from his role managing the firm’s investment strategy and asset allocation in 2023. He continues to chair the business.

Ruffer launched a Channel Islands subsidiary in 1998; it provides a discretionary investment management service in Guernsey. In 2023, Ruffer opened its first permanent office in the US, in New York City.