Hermes names ex Odey boss as chairman

Hermes names ex Odey boss as chairman

Hermes Investment Management has elected former chief executive of Odey Asset Management as its new chairman of the board.

David Stewart will take on his new role on 1 April 2016, assuming the position from Paul Spencer, who has been chairman since 2011.

Mr Stewart previously spent nine years at Odey Asset Management, initially as chief executive and later as a non-executive director.

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Saker Nusseibeh, chief executive of Hermes, explained that since joining the board as chair of the risk and compliance committee, he has quickly established himself as an insightful and trusted adviser.

“His advice and counsel will be greatly beneficial as we take Hermes through the next stage of its growth.”

Meanwhile, Mr Spencer has been appointed independent non-executive chairman of the Prudential Assurance Company - the UK subsidiary of Prudential - and will continue to work as chairman of the trustee of the BT Pension Scheme, which spawned Hermes as its in-house asset manager in 1983.

During his tenure as Hermes chairman, the business saw third party assets increase from £1.8bn to £9.2bn. In October 2014, Hermes announced it was planning a major overhaul of the business.