About us

Ridgeway Investment Management (‘Ridgeway’) is a commercially independent branch of Raymond James Investment Services Ltd, which is wholly owned by Raymond James Financial Inc., which manages $730 billion on behalf of three million clients worldwide.[1] Our clients’ assets are held by Pershing Securities Ltd[2], a division of Bank of New York Mellon Corporation, the world’s largest custodian bank, which holds $33.5 trillion under custody.[1] Our investment office is in Wiltshire, far removed from the noise of the City, in a tranquil environment undisturbed by the distractions of an open plan office. This places us at a distinct advantage to many of our competitors.

[1] As at 31st March 2018
[2] Pershing Securities Ltd is a member of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority.


As an example, Sir John Templeton, universally acknowledged as one of the most successful and pioneering investment managers of the last century, worked with minimal resources from his Bahamas home. He quickly became convinced that being far removed from the noise and bustle of Wall Street was a powerful contributory factor in his ability to perform better than most of the big professional firms at the heart of New York’s financial district. He said of his extraordinary achievements:

‘If you’re going to have a superior record, you have to do something different from what the other security analysts are doing. And when you’re a thousand miles away from Wall Street in a different nation, it’s easier to be independent and buy the things that other people are selling, and sell the things that other people are buying. That independence has proved to be a valuable help in our long-range performance…so much of my time in New York was taken up with administration and in serving hundreds of clients that I didn’t have the time for the study and research that are essential.’

Philosophy

We believe that the value of a financial asset is measurable and stable, even though its market price may fluctuate widely.

Ridgeway operates a discipled value philosophy. Value investing is not a set of hard and fast rules, it is a collection of principles that form a philosophy of investing. Think of it as a long trip to a pleasant destination, rather than a roller coaster ride. The chief tenet of value investing is always to maintain a margin of safety, thereby avoiding the prospect of permanent capital loss. The primary characteristics of Ridgeway’s philosophy are: a rigorous and disciplined investment process, implemented with a controlled temperament by investors prepared to stand apart from the majority; a global approach and horizon, maximising the number of potential value opportunities in which we invest; and a long-term investment orientation, recognising that stock market prices fluctuate to a far greater extent than business values, frequently creating opportunities for patient investors.

Process

We have developed a proprietary system to screen the investment universe.

Ridgeway invests capital using a proprietary investment process informed by thorough analysis and implemented with strict discipline. We have distilled the investment universe of more than 40,000 stocks down to less than 500 companies we might wish to own. Of these 500, we invest in a maximum of thirty at any one time. Having identified these companies, we first establish what they are worth, focusing particularly on the balance sheet - the less debt the better - before examining the income statement and identifying key trends in the company's operations. We only invest in quality companies, but crucially do so without paying too high a price; more often than not, risk is in the price you pay, not in the stock itself. Through a continual assessment of the most effective allocation of capital and a consistent buy and sell discipline, we redeploy funds into stocks we believe offer improved prospects for capital gain, whilst maintaining a low level of turnover. To ensure the portfolios we manage are suitable for the wide range of clients we serve, we undertake a detailed risk analysis. This considers an individual’s appetite for risk, their capacity for loss, and the specific financial objectives they wish to meet. The sole purpose of our process is to compound returns and maximise the wealth of our clients, within an appropriate risk framework.

People

James Maltin

James Maltin

Founder of Ridgeway Investment Management

"A wise man once said to me, ‘you are who you meet’, and as I progress through life, that statement seems increasingly accurate. I have been incredibly fortunate in meeting some of the world’s most successful investors – Bill Ackman, Anthony Bolton, Michael Cowan, Howard Marks, Bill Miller, John Paulson, Peter Spiller, to name but a few – and have established Ridgeway to implement what I have learned from these wise men, and others, and put into practise a philosophy and process that will deliver the very best results to Ridgeway and its clients."

James Maltin is the Principal and Investment Manager of Ridgeway Investment Management. Prior to establishing Ridgeway, James spent eleven years at Rathbones (2006-2017), one of the UK’s leading providers of investment management services, with £34.2 billion under management.[1] Here he was Investment Director, managing segregated portfolios for private clients and their families, trusts and charities. Previously he occupied a similar position within HSBC Investment Bank (2000-2005), where he also served as head of closed-end fund selection. James is a Fellow of the Chartered Institute for Securities and Investment and a graduate of the University of Durham, where he holds a joint honours degree in Philosophy and Theology. He also has a Master’s degree in Finance from the London Business School.

In the months prior to establishing Ridgeway, James rode 6,500 miles around Italy, France and Spain by bicycle, riding the Giro d’Italia, Tour de France and Vuelta a España one day ahead of the professionals. At the end of the Tour de France, he cycled from Paris to Calais before kayaking across the English Channel (solo and unsupported), and running home to London from Dover, all to raise funds to expand the Centre for Clinical Haematology at the Queen Elizabeth Hospital, which treats patients with leukaemia. The expanded centre opened on Monday, 8th January, 2018.


[1] As at 31st December 2017, when James left

Dominic Hawker

Dominic Hawker

Locum Tenens, Investment Manager

Dominic Hawker stands ready to support Ridgeway in the event that James is unavailable. He is a highly experienced investment manager, having been advising both private and institutional clients for over 25 years. Dominic has been a wealth manager with Raymond James since 2012 and provides discretionary management for clients around the Marlborough area. He is a fellow of the Chartered Institute for Securities and Investment.


Katie McSwiney

Katie McSwiney

Office Manager

Katie joined Ridgeway at the end of the first quarter of operation, in December 2017. Previously living in Spain working as a website developer and riding for a semi-professional cycling team, Katie returned to the UK to further her studies in Computer Science. She brings technical expertise and first class administrative skills to Ridgeway, and is here to answer any questions you may have.

Inspiration

Origins of The Ridgeway

Older than the Pyramids; longer than Hadrian's Wall, The Ridgeway follows the ancient chalk ridge used by prehistoric man which for centuries has provided safe passage over high ground. It is one of the oldest trading routes in the world.

Today, cyclists and equestrians alike share The Ridgeway with walkers; from the start at Overton Hill, near the World Heritage Site of Avebury in Wiltshire, to as far as Ivinghoe Beacon in Buckinghamshire.

The offices of Ridgeway Investment Management are a stone's throw from The Ridgeway.

"Moving up the sweet short turf, at every step my heart seemed to obtain a wider horizon of feeling; with every inhalation of rich pure air, a deeper desire. The very light of the sun was whiter and more brilliant here. By the time I had reached the summit I had entirely forgotten the petty circumstances and the annoyances of existence."

Richard Jefferies writing about The Ridgeway in The Story of My Heart, 1883

This website is issued by Ridgeway Investment Management, a trade name of Raymond James Investment Services Limited (Raymond James) utilised under exclusive licence. Raymond James is a member of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No. 3779657. Registered Office Broadwalk House, 5 Appold Street, London EC2A 2AG. Legal Disclosures