New chair of Hermes is ex Gartmore CEO
The manager of the UK’s largest pension fund yesterday said it had recruited Glyn Jones, the former chief executive of investment manager Gartmore, as its new chair.
The appointment of Jones, who spent his time at Gartner building up a big hedge fund boutique, is part of Hermes’ plan to become more independent from its parent, the BT Pension Scheme (BTPS). Instead it wants to branch out to become a multi-boutique of autonomous asset management units.
Jones was also chief executive of Thames River Capital for a few months in 2006, where he spearheaded plans to float the privately-owned hedge fund, although he left when the listing was abandoned.
“Glyn has strong tactical experience and will help us with our new strategy. After his time at Thames River and Gartmore he has a good perspective on the multi-boutique model – both the pitfalls and bear traps,” said Rupert Clarke, chief executive of Hermes.
Former chairman Richard Bernays is standing down from the board after a period of three and a half years, having recently launched the new strategy.
Hermes, which both manages and is owned by the BTPS, has about £36bn worth of assets under management.
Earlier this year, Clarke announced plans to split the business into two units. One would concentrate on the BTPS while the other would manage third-party assets.
