Clients
Ruffer serves 5,250 clients, 4,669 of them individuals. The average client has about $4.7 million with the firm.
- Individuals4,669 clients25%
- Pooled investment vehicles20 clients53%
- Pension and profit-sharing plans47 clients6%
- Charitable organizations199 clients5%
- Corporations and other businesses196 clients10%
- Insurance companies119 clients1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 4,669 | $6,252,343,871 | 25.1% | $1.34M |
| Pooled investment vehicles | 20 | $13,106,150,811 | 52.7% | $655.3M |
| Pension and profit-sharing plans | 47 | $1,562,680,402 | 6.3% | $33.2M |
| Charitable organizations | 199 | $1,154,796,765 | 4.6% | $5.80M |
| Insurance companies | 119 | $190,456,733 | 0.8% | $1.60M |
| Corporations and other businesses | 196 | $2,601,803,349 | 10.5% | $13.3M |
| Total | 5,250 | $24,868,231,931 | 100% | $4.74M |
- Clients
- 4,669
- Regulatory AUM
- $6,252,343,871
- Share
- 25.1%
- Avg. per client
- $1.34M
- Clients
- 20
- Regulatory AUM
- $13,106,150,811
- Share
- 52.7%
- Avg. per client
- $655.3M
- Clients
- 47
- Regulatory AUM
- $1,562,680,402
- Share
- 6.3%
- Avg. per client
- $33.2M
- Clients
- 199
- Regulatory AUM
- $1,154,796,765
- Share
- 4.6%
- Avg. per client
- $5.80M
- Clients
- 119
- Regulatory AUM
- $190,456,733
- Share
- 0.8%
- Avg. per client
- $1.60M
- Clients
- 196
- Regulatory AUM
- $2,601,803,349
- Share
- 10.5%
- Avg. per client
- $13.3M
Total
- Clients
- 5,250
- Regulatory AUM
- $24,868,231,931
- Share
- 100%
- Avg. per client
- $4.74M
What it does
Ruffer provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets.
Ruffer advises 1 private funds.
100.0% of assets ($24.87B across 5,250 accounts) are managed with discretion. 99% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks8%
- Funds75%
- Bonds16%
- Sovereign bonds10%
- U.S. government and agency bonds6%
- Cash1%
Custodians
Ruffer’s client accounts are held mainly at Caceis Bank, Uk Branch, with 32% of managed assets, and Bank of New York Mellon, with 5%. Ruffer has custody of client assets.
- Caceis Bank, Uk BranchCaceis Bank, Uk Branch · London · $7.91B32%
- Bank of New York MellonBank of New York Mellon · London · $1.24B5%
- All other custodians$15.71B63%
Ownership and leadership
Christopher Bacon is CEO of Ruffer.
- Owns 5% to 10% of Ruffer LLP
Henry Maxey
Control person · since January 2026
- Owns 5% to 10% of Ruffer LLP
Christopher Bacon
Control person · since April 2021
Leadership
- Christopher BaconChief Executive Officer and Board Member (and Partner)
- Tony AllenInterim Chief Compliance Officer
- Miranda BestDeputy CEO and Board Member (and Partner)
- Edwina BlackfordExecutive Director (and Partner)
- Martin CullenFinance Director (and Partner)
- Campbell FlemingNon-Executive Director and Board Member
- Henry MaxeyExecutive Chairman, Chief Investment Officer and Board Member (and Partner )
- Fleur MeijsNon-Executive Director and Board Member
- Simon MountainChief Operations Officer (and Partner)
- Jocelyn NorthHead of Clients and Distribution (and Partner)
- Twembi RukandemaNon-Executive Director and Board Member
Staff
- 282 employees
- 35 in advisory functions
- 1 soliciting firm
Reported holdings
Ruffer’s reported 13F holdings total $2.83B across 187 positions, and the ten largest make up 35.6% of it.
- $2.83B
- Reported 13F value
- 187
- Positions
- 35.6%
- In the 10 largest
- +15.7%
- Value vs. prior quarter
- Amazon Com Inc.7.0%
- Microsoft Corp.6.0%
- Alibaba Group Hldg Ltd · Sponsored ADS4.3%
- Smurfit Westrock PLC4.0%
- Bank America Corp.2.6%
- Floor & Decor Hldgs Inc. · CL A2.6%
- Coinbase Global Inc. · Com CL A2.6%
- Netease Com Inc. · Sponsored ADS2.2%
- Slb Limited · Com Stk2.2%
- BP PLC · Sponsored ADR2.1%
Together, the ten largest are 35.6% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $2.83B is not its $24.87B in regulatory assets and does not represent any individual client's portfolio.
Fees
Ruffer is paid through a percentage of assets under management.
Ruffer’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Ruffer has 1 office, with 1 listed address with no US state reported.
Registration details
- Legal name
- Ruffer LLP
- Headquarters
- 80 Victoria Street, London, United Kingdom SW1E 5JL
- Phone
- 00442079638100
- Website
- www.ruffer.co.uk
- SEC file
- 801-122307
- Structure
- limited liability partnership organized in United Kingdom
- Fiscal year end
- March
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Ruffer have?
Ruffer has 5,250 clients and manages $24.9 billion for them, as of August 2026. They include 4,669 individuals, 199 charitable organizations and 196 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 August 2026
What services does Ruffer offer?
Ruffer provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Ruffer use?
Ruffer’s separately managed account assets are held at Caceis Bank, Uk Branch (London), with $7,910,299,718 and Bank of New York Mellon (London), with $1,243,729,110. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 August 2026
How many financial advisors does Ruffer have?
Ruffer has 0 investment adviser representatives registered with state securities authorities, out of 282 employees, and 35 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Ruffer invest in?
At the end of its last fiscal year, Ruffer’s separately managed accounts held 75% pooled vehicles (private funds and similar), 10% sovereign bonds, 8% exchange-traded equities, 6% U.S. government and agency bonds and 1% cash and equivalents. It advises 1 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Ruffer?
Ruffer’s direct owners are Henry Maxey and Christopher Bacon, each holding 10% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 19 August 2026
How does Ruffer get paid?
Ruffer is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file