Highclere’s founding partners are Ed Makin, Fergus Gilmour and Susan Steele.  Four portfolio managers, Ed Makin, Richard Gordon, Richard Adams and William Balfour work collaboratively with a team of 7 global sector specialists on research prioritization and portfolio implementation.

Ed Makin

CEO & Portfolio Manager

Ed Makin has over 35 years’ experience of investing in international equity markets and was a founding partner of Highclere in 2006. As Highclere has grown, Ed has devolved responsibility to the team members but remains focused on consistent implementation of the philosophy and process across all of Highclere’s investment strategies. His previous experience was built at Hambros Bank and Morgan Stanley in London, then at Wellington Management in Boston, where he set up and managed International Small and Mid Cap programs there from 1998 to 2005.  In his spare time Ed enjoys woodworking and wildlife photography.  Ed speaks Spanish and has strong family ties to Chile and Argentina.

Fergus Gilmour

Chief Operating Officer & Chief Compliance Officer

Fergus Gilmour is a Chartered Accountant with 34 years’ experience and is a founding partner of Highclere. He has worked in financial services in London for Morgan Stanley, Flemings and Chase before joining Ed in the launch of Highclere in 2006.

Susan Steele

Director of Marketing & Client Service

Susan Steele joined Highclere as a founding partner in 2006 and has over 25 years of international equity experience. She spent 10 years with UBS in New York in a European institutional equity sales role, primarily responsible for advising clients on European equities across all market cap ranges. Prior to this, Susan spent three years at Credit Suisse First Boston in both London and New York and two years with ICC in Hong Kong. Susan has a BSc (Hons) degree in Psychology from the University of St. Andrews, Scotland.

Richard Gordon

Portfolio Manager SMID Fund, Director of Research, CFA

Richard Gordon joined Highclere in 2008 and has 19 years of investment experience.  He became a Portfolio Manager of the International SMID Fund in 2020 having first covered consumer sectors as a global analyst and is also responsible for overseeing all aspects of our research process as Director of Research.  Richard was a Vice President in the European equity research team at Bear Stearns covering media companies prior to joining Highclere and also gained experience in Financial Services at KPMG where he qualified as a Chartered Accountant in South Africa. Richard holds a BCom (Hons) degree from the University of Cape Town.

Richard Adams

Portfolio Manager Smaller Companies Fund, CFA

Richard Adams joined Highclere in 2013 and has 11 years of investing experience. He joined Highclere as an investment analyst covering technology stocks and added Assistant Portfolio Manager responsibilities in 2016.  He became a Portfolio Manager of the International Smaller Companies Fund in 2024.  Richard joined Highclere from Blackrock Asset Management where he was a Fixed Income Corporate Credit Research Analyst. Prior to joining Highclere, Rich also spent three years at Grant Thornton where he qualified as a chartered accountant. He graduated from Oxford University with a first class (Hons) Masters in Engineering Science.

William Balfour

Portfolio Manager Smaller Companies Fund

William Balfour joined Highclere in 2014 and has 12 years of investing experience. He covered several different industry groups as an investment analyst, including software, utilities, and materials, and added Assistant Portfolio Manager responsibilities in 2018. He became a Portfolio Manager of the International Smaller Companies Fund in 2024. He joined Highclere from Neptune Investment Management, where he was a Global Technology Analyst and Assistant Fund Manager.  William also worked at Cairneagle Associates, a boutique Strategy Consulting firm. He graduated from Cambridge University with a Masters in Aerospace & Aerothermal Engineering (first class).