# Ruffer LLP

> Ruffer LLP is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 19, 2026.

- CRD: 309733
- Filed as: RUFFER LLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: August 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/309733
- AdvisorCensus page: https://advisorcensus.com/firm/ruffer-llp-london-309733

## Quick answers

**How is Ruffer LLP compensated?**
On its Form ADV (Item 5.E, October 2026), Ruffer LLP reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Ruffer LLP located?**
Ruffer LLP's principal office is in London, United Kingdom, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Ruffer LLP registered with the SEC or a state?**
Ruffer LLP is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 309733.

**How much does Ruffer LLP manage?**
Ruffer LLP reports $24,868,231,931 in regulatory assets under management in its Form ADV filing dated August 19, 2026 (100% discretionary).

**How have Ruffer LLP's assets and staff changed since 2021?**
In the Form ADV data for Ruffer LLP: Regulatory assets under management: $23,101,916,376 in the October 2021 data and $24,868,231,931 in the October 2026 data, up 8%. Total employees: 350 in October 2021 and 282 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ruffer LLP serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (4,669); charitable organizations (199); corporations or other businesses not listed above (196).

**Which custodians does Ruffer LLP use?**
Ruffer LLP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon and Caceis Bank, UK Branch as custodians holding 10% or more of its separately managed account assets.

**Does Ruffer LLP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/309733

**What changed in Ruffer LLP's recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon
- Caceis Bank, UK Branch

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $24,868,231,931
- Discretionary: $24,868,231,931
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 4,669 | $6,252,343,871 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 20 | $13,106,150,811 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 47 | $1,562,680,402 |
| Charitable organizations | 199 | $1,154,796,765 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 119 | $190,456,733 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 196 | $2,601,803,349 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2021 (5 years)
- Employees: 282 total, 35 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Edinburgh

### Websites listed on Form ADV (Item 1.I)
- ruffer.co.uk
- LinkedIn @ruffer-llp
- YouTube @rufferthinking

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $23,101,916,376 | 350 | August 13, 2021 |
| October 2022 | $31,592,072,008 | 353 | June 24, 2022 |
| October 2023 | $31,344,724,211 | 352 | June 28, 2023 |
| October 2024 | $27,091,528,633 | 332 | July 19, 2024 |
| October 2025 | $24,201,709,009 | 312 | June 27, 2025 |
| October 2026 | $24,868,231,931 | 282 | August 19, 2026 |

Regulatory assets under management: $23,101,916,376 in the October 2021 data and $24,868,231,931 in the October 2026 data, up 8%.
Total employees: 350 in October 2021 and 282 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### August 2026
- Updated its list of owners and control persons (Schedule A).

### July 2026
- Employees performing advisory functions went from 42 to 35.

### April 2026
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ruffer LLP (CRD 309733): Form ADV filing data as of October 2026.