Fund manager Ruffer has announced it is re-shaping its top tier of management, with the appointment of a new chief executive.

Clemmie Vaughan, who has been at Ruffer for 12 years, will take over on 1 April, heading up a total staff of 230.

Henry Maxey has carried out the dual roles of chief executive and chief investment officer for the last five years. He will remain in his role as CIO and continue to lead the investment process at Ruffer, which provides a discretionary portfolio management service for private clients, charities, pension funds and other institutions.

Ms Vaughan, who manages investment portfolios for individuals, trusts, charities, and pension funds, is head of Ruffer’s private client department and is a member of the executive committee and management board. She is a director of Electric and General Investment Fund and holds an honours degree in economics and geography from Exeter University.

Jonathan Ruffer remains as executive chairman, continuing to work closely with Clemmie and sharing the responsibility for asset allocation with Mr Maxey.

Mr Maxey said: “When Jonathan announced his succession seven years ago, I headlined my vision ‘moving forward to stay the same’.

“The decision to divide the dual CEO-CIO role is a natural development of that vision. The organisational challenges of our growth demand full time attention. At the same time, releasing more of my time for investment reflects the absolute importance of sound investment judgement within client portfolios.

“Clemmie Vaughan will lead the firm, and I will focus exclusively on investment again. Jonathan will continue to support us both.”

Jonathan Ruffer, chairman of Ruffer, said: “Henry has successfully steered the business in its development over the last five years. This is Ruffer LLP’s third CEO since it started 22 years ago. Once again, it is an internal appointment, and a wholly appropriate development. I am right chuffed.”