Rupert Clarke, CEO of Hermes Fund Managers, is leaving the company, according to Saker Nusseibeh, head of investment, who is replacing Mr. Clarke on an interim basis.
Hermes, which had £20.9 billion ($32.4 billion) in assets under management as of Sept. 30, is searching for a permanent replacement.
“During his four years at Hermes, (Mr. Clarke) invested in a new operational and investment infrastructure system. He brought in several investment teams of senior professionals, including myself,” Mr. Nusseibeh said, adding that specialist capabilities added include alternatives, credit and long-only equities.
Hermes, which is owned by the London-based £35 billion BT Pension Scheme, largely manages money on behalf of the pension fund. In recent years, Hermes has focused on building a business that’s more “outward looking” in an effort to diversify its client base to include more external clients, Mr. Nusseibeh said.
“We’ve completed the first phase of this evolution” under Mr. Clarke, according to Mr. Nusseibeh.
Mr. Clarke served as CEO since December 2007.
Efforts to reach Mr. Clarke were unsuccessful, and information about his future plans could not be learned by press time.