Endowments and Foundations

Wellcome Trust managing partner to resign, take non-executive role

Other 2 managing partners to take over in CIO, CEO roles

Danny Truell will become emeritus partner at Wellcome Trust, London, stepping down from his role as managing partner.

Mr. Truell will take on the non-executive role Oct. 1.

Mr. Truell, who is stepping down for health reasons, led the investment division for the 20.9 billion ($27.3 billion) endowment fund alongside Nick Moakes and Peter Pereira Gray, also as managing partners.

A news release said Messrs. Moakes and Gray will continue to lead the division in newly defined roles.

Mr. Moakes was appointed managing partner and chief investment officer, and Mr. Gray was named managing partner and CEO, investments.

The release said Messrs. Moakes and Gray were appointed following an external review by a search firm.

"(Mr.) Truell is one of the most remarkable people to have served the Wellcome Trust," said Jeremy Farrar, Wellcome's director, in the release. "His contributions have been pivotal to making Wellcome what it is today."

Mr. Truell joined as chief investment officer in 2005. Over his tenure, investment returns in pound sterling terms have averaged more than 10% per year, added Mr. Farrar. "His exceptional leadership and judgment, and the world-class team he has built around him, have transformed Wellcome's ability to deliver our mission of improving health through science, innovation and engagement with society."

Spokesmen for Wellcome Trust could not be reached for comment by press time.