Hermes Fund Managers, the funds firm owned by the £36bn (€41.8bn) BT Pension Scheme, has announced that Chief Executive Rupert Clarke is stepping down to be replaced by current Head of Investments Saker Nusseibeh on an interim basis.
Nusseibeh, who recently emerged as chairman of the 300 Club think tank, will take over the role “pending the completion of an external search for a replacement”. He discussed the 300 Club initiative in an interview with Responsible Investor last month.
Clarke, who was previously CEO of Hermes’ real estate arm, became overall CEO in 2007 when he took over from Mark Anson, the former chief investment officer of the California Public Employees’ Retirement System.
Hermes’ Chairman Paul Spencer said the firm has undergone a major investment programme over the past four years. He added: “We now move into the next stage of our growth and reaffirm our commitment tobeing a first class asset manager in the institutional market.” Nusseibeh said it was a “very logical next step in our evolution.
“We want the market to recognise us as a growing investment manager with a diverse range of successful investment boutiques across equities, fixed income and the alternatives space.”
Clarke said: “With the first phase of the Hermes transformation complete I feel that now is the right time to leave.”
Clarke’s departure follows that of global head of business development Chris Goodie in May.
Hermes has been at the forefront of responsible investing for decades; the Hermes Principles are a cornerstone of corporate governance.
Its Hermes Equity Ownership Services engagement arm has 30 clients globally with over £89bn in assets under stewardship. Hermes’ announcement