Newton Investment Management has announced its long-time chief executive Helena Morrissey is stepping down from the top management role and will be replaced by Hanneke Smits.
Mitchell Harris, chief executive of Newton’s parent BNY Mellon Investment Management, said: “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.”
Morrissey will become chair of the non-executive board of directors after stepping down from the chief executive role.
The company said that, in that new role, Morrissey would continue to be an adviser to Newton and represent it and its parent BNY Mellon Investment Management in the financial services sector.
For now, Smits has been appointed to Newton’s board of directors in addition to becoming its chief executive designate.
Smits’s most recent job has been that of CIO at Adams Street Partners, where she was also a member of the executive committee.
Newton said Smits would be based in London and “actively involved in managing Newton’s business and focus on expanding its presence in key growth markets”.
Harris said the company was extremely thankful to Morrissey for her contributions as chief executive.
“Under Helena’s leadership, Newton has developed into a globally recognised asset manager and valuable BNY Mellon investment boutique, with strong investment performance across real return, fixed income, multi-asset, global and equity income strategies, along with a market-leading responsible investment proposition, all driven by the firm’s team-based investment approach,” he said.
Morrissey said the time was right for her to move on to the next phase of her career.
“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,” she said.
Morrissey is leaving her role as chief executive immediately, and Smits will take up the full chief executive role in due course, subject to FCA approval.