London-based Ruffer Investment Company has announced the retirement of chairman Ivan Hay Davison, while simultaneously adding Sir David Clementi and Robin Hindle Fisher to its board as non-executive directors.

Davison, after an eight year chairmanship, will be succeeded on 31 March 2011 by chief executive Jonathan Ruffer. The firm announced in April of this year that chief investment officer Henry Maxey will succeed Mr Ruffer as CEO at an undetermined date during 2012.

Sir David's new position will be deputy chairman of the firm. In his prior career he was deputy governor of the Bank of England, as well as chairman of Prudential.

Mr Fisher, currently a business coach at Praesta Partner, was once the former chief executive of Phillips & Drew fund management.

"We welcome Sir David and Robin to the management board of Ruffer. Their combined wealth of experience will prove an invaluable addition to the management team. We would also like to thank Ian Hay Davison for his eight years as chairman, overseeing the firm through a period of sustained growth”, said managing director Viscount Tamworth.