Investment manager Ruffer has abandoned its dual chief executive and chief investment officer role with the appointment of Clemmie Vaughan.
It ends the current arrangement whereby Henry Maxey serves in the dual roles of chief executive and chief investment officer.
Maxey will remain CIO at the firm, which has £20bn under management, while Vaughan will become chief executive on 1 April.
Vaughen has been at Ruffer for 12 years and is currently head of private client and a member of the executive committee and management board.
Ruffer chairman Jonathan Ruffer says it is the company’s third chief executive in 22 years. “It is an internal appointment, and a wholly appropriate development. I am right chuffed.”
Speaking on the separation of the chief executive and CIO roles, Maxey says: “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.”