Ruffer has appointed Chris Bacon as its new chief executive following Clemmie Vaughan's decision not to return to the role after her maternity leave.
Bacon joined Ruffer from Rothschild in 2017 as a senior adviser at the firm and is a member of its executive team.
He is currently interim co-CEO, alongside Miranda Best, Ruffer's head of Investments. Both will retain these roles until the end of the year.
From January 2022, Bacon will take over as CEO and Best will become deputy CEO, subject to regulatory approval.
Both are joining the board of Ruffer while Vaughan will remain a partner until March 2022 to support a full handover.
Bacon said: “Clemmie and I have worked together closely over the past four years and I’m excited to have the opportunity to build on and continue the success she has achieved for the firm.”
Vaughan added: "Ruffer has been a place where many people – including myself – have realised their potential, and the future looks bright.
“After 16 very enjoyable years, it's been a difficult decision to move on to something different, but now is the right time for me to develop the next phase of my career beyond Ruffer."
The firm said its investment team is unchanged and continues to be led by chief investment officer Henry Maxey and chairman and founder Jonathan Ruffer.
However this comes as last year, Ruffer said he was to step back from the day-to-day management of the fund house he founded as the company continues to move from “founder-led” to “team-led”.
At the time, Ruffer said he would step down from the executive side of the company and hand over the helm to chief executive Vaughan.
In today’s announcement (October 20), chairman Ruffer said: "Chris is a natural captain for the high seas, and he’ll be leading a ship that Clemmie has readied for battle. 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.”
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know