London-based global asset manager Hermes has promoted its head of investment Saker Nusseibeh to chief executive.
Nusseibeh had been acting as interim chief executive while continuing his investment head role, a situation which will continue following the decision to give him the CEO job full time.
His major project since joining the firm in June 2009 was to create an Investment Office responsible for ensuring all its investment teams generate the best returns possible.
Hermes chairman Paul Spencer said, “Over the past four years Hermes has undertaken a major investment programme to build the right investment and operational infrastructure.
“With this phase in our evolution now complete, we believe that Saker is the right leader to take Hermes forward, as we progress into the next stage of our growth and reaffirm our commitment to being a first class asset manager.”
Nusseibeh said, “It is a great privilege to be appointed chief executive of Hermes Fund Managers.
“Hermes has a long history of generating outstanding investment returns through a responsible and innovative approach.
“This has been achieved through the excellence, integrity and commitment of our people.
“I am confident that we will build on the strong investment performance generated to date and continue to meet the needs of our clients, while growing our presence in the external market.”
The firm’s private equity arm Hermes GPE revised its ownership structure last December after Hermes Fund Managers and the Hermes GPE management team bought out its interests.
Hermes GPE said it would continue to operate independently of its institutional partners and that its business strategy would remain unchanged.
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