Helena Morrissey has quit as chief executive of Newton Investment Management, after more than 20 years at the firm.
She will step down from the head role at the £52bn asset manager to become non-executive chairman at the firm.
Hanneke Smits has been appointed to replace Morrissey. Smits was previously chief investment officer of Adams Street Partners and a member of the firm’s executive committee.
Mitchell Harris, chief executive of BNY Mellon Investment Management, says: “We are thrilled to welcome Hanneke to Newton’s Board of Directors and as chief executive officer designate.
“She has deep investment knowledge, an impressive track record of developing senior leaders and investment professionals, and proven expertise growing a global firm across developed and emerging markets. As Newton continues to expand its international footprint, I am confident in Hanneke’s ability to lead the firm into its next phase of growth.”
Smits says: “I am honoured to join the firm and look forward to building on its many accomplishments by further strengthening our investment capabilities and delivering results for our clients.”
Morrissey joined Newton in 1994 as a fixed income manager, before being appointed chief executive in 2001.
She is also chair of the Investment Association, and is on the UK’s Financial Services Trade and Investment Board. She founded the 30% Club in 2010 and was appointed a CBE in 2012.
Morrissey says: “The time is now right for me to move on to the next phase of my career and for a new CEO at Newton to drive its ongoing growth. I am looking forward to assisting Hanneke over the coming months while also continuing my roles with the Investment Association and the Financial Services Trade and Investment Board, among others.”
Smits joined Adams Street Partners in 1997 and launched the firm in Europe and Asia. She is also a non-executive director of investment company Sofina and is the co-founder and chair of Level 20, which aims to get more women into the European private equity industry.