Ruffer LLP pays member of firm £18m

According to Ruffer LLP’s accounts, one of its 48 individual members received a £17.9m share of profits for the year to 31 March 2014.

The payment amounted to 14 per cent of the £124.3m profit the fund saw in the 12 months.

It is an increase on 2013’s largest payment of just over £15m, which was 13 per cent of the fund’s £114.8m profit.

The fund saw its turnover climb by almost 10 per cent to £159.8m in the last financial year.

Mr Ruffer, a leading hedge fund investor who was born in Stokesley, North Yorkshire, initially trained as a stockbroker and barrister before moving into private client investment in 1980.

He was chief investment officer at Rathbones before founding Ruffer Investment Management in 1994 with Earl Ferrers and Jane Tufnell. The firm transferred its investment business to Ruffer LLP in 2004, which employs 199 people, with Mr Ruffer as chairman.

Three years ago, Mr Ruffer was honoured for saving paintings for the Church of England.

The philanthropist, who is also a devout Christian, bought a set of 13 works by 17th century Spanish artist Francisco de Zurbarán for £15m in 2011.

Following the purchase, Mr Ruffer gifted the art back to the Church for public display.

Mr Ruffer was one of the financiers who predicted the impending global financial crisis before the 2008 credit crunch.

After maintaining a defensive position in 2006-2007, Mr Ruffer’s fund made a double-digit return in 2008 as markets began to tumble.