Hermes Investment Management has appointed David Stewart as its new Chairman of the Board effective 1 April 2016. He assumes the position from Paul Spencer, CBE, who has been Chairman since 2011.
Stewart is currently a Non-Executive Director of Hermes Investment Management since joining the Board in April 2015. He previously spent nine years at Odey Asset Management, initially as Chief Executive and latterly as a Non-Executive Director. He is Chairman of IMM Associates, a Non-Executive Director of the Caledonia Investment Trust, and sits on the Investment Committee of MacMillan Cancer Care.
Saker Nusseibeh (pictured), Chief Executive, Hermes Investment Management, says: “Since joining the Board as Chair of the Risk and Compliance Committee, David has quickly established himself as an insightful and trusted advisor. His advice and counsel will be greatly beneficial as we take Hermes through the next stage of its growth.”
Stewart says: “I look forward to taking up my new role, and working with Saker, the leadership team at Hermes and my fellow Board members to build on the successes Hermes has already achieved. I see Hermes as an asset manager which is fully embedding responsible capitalism at the very heart of its business. This gives the firm a unique advantage, for which it is increasingly being recognised.”
Spencer, CBE, was appointed chairman of Hermes in May 2011 and is also Chairman of the Trustee of BT Pension Scheme (BTPS), a role he will continue to fulfil. He has also been appointed Independent Non-Executive Chairman of the Prudential Assurance Company (PAC), the UK subsidiary of Prudential plc, effective 1 January 2016.
Nusseibeh adds: “Paul Spencer has been a tremendous Chair and great support to all of us in the business. During his tenure, we have seen Hermes evolve into a fully fledged asset manager, with third party assets increasing from GBP1.8bn to GBP9.2bn. On a personal level, Paul’s support and guidance has been invaluable. On behalf of myself and my colleagues I would like to thank him for his support over the last four years.”
