Ruffer, the London-based investment firm with assets of £2.5bn (€3.7bn), has appointed a new investment director and a head of legal and compliance from two large asset management groups.

David Ballance, previously head of international equities at Rothschild, joins Ruffer as an investment director overseeing and managing new client portfolios. Mark Berman, from Threadneedle Investments, will be the head of legal and compliance.