Hamish Baillie has stepped down both from Ruffer and its investment trust, leaving the firm after two decades in role.
Co-manager of Ruffer investment company Duncan MacInnes will take on lead management of the trust, with Baillie also resigning from his role as partner.
There will be no change to the investment strategy as a result of Baillie's departure at the end of July.
Ruffer raises £41m in latest share offer
Baillie said: "It has been a privilege to be a part of the firm over the last 20 years and to see the company grow while stewarding our investors through some turbulent times in financial markets.
"I know I leave with the business in great shape and I will cherish fond memories of the time I have had at Ruffer. I look to the future with excitement both for me personally and for the prospects for Ruffer."
Ruffer investment company chair Chris Russell added: "Hamish has been an excellent servant of the company, and he leaves with our admiration and gratitude for all he has contributed.
"With Duncan MacInnes and the wider Ruffer team, the investment stewardship of the company's assets remains in very good hands."
