Ruffer has appointed Chris Bacon as its new chief executive following Clemmie Vaughan’s decision to not return to the role after her maternity leave.
Bacon joined the London boutique from Rothschild in 2017 as a senior adviser and has been co-CEO alongside head of investments Miranda Best since May.
From January 2022, he will step into the CEO role, while Best becomes deputy CEO at which point they will join the board.
Vaughan (pictured) will remain a partner at the firm until March 2022 to oversee the handover. She became Ruffer’s third chief executive in 2017, 12 years after joining the business, replacing Henry Maxey who relinquished the role to concentrate on his chief investment officer duties.
Vaughan said leaving the business was a “difficult decision” but now was the right time to move into the next phase of her career.
“Ruffer has been a place where many people – including myself – have realised their potential, and the future looks bright,” she said.
Chairman and founder Jonathan Ruffer added: “I’ll miss Clemmie a great deal and am full of warmth and admiration for all she has achieved for us. Ruffer has much to thank her for, and much to look forward to in the years ahead.”
Ruffer’s investment team remains unchanged and will continue to be led by CIO Maxey and Ruffer.
Last year Ruffer reshuffled its executive team as the founder and chairman took a step back from his day-to-day management duties.
In September it launched the LF Ruffer Diversified Return fund, its first new vehicle in over a decade.
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