Peter Pereira Gray is to retire from his executive responsibilities at the end of September, stepping down as managing partner and chief executive officer of Wellcome Trust’s investments team, following 21 years of service.

From 1 October 2022, Gray will become Emeritus Partner, investments, and will continue to advise the Trust, especially on the development of the Genome Campus at Hinxton. He will continue to serve as chair of Urban&Civic Plc, Premier Marinas Ltd and Wellcome’s Valuation Committee, it was announced.

Nick Moakes will continue to lead the Trust’s investments team as chief investment officer.

Gray joined Wellcome in 2001 as head of property investment and was later promoted through a succession of increasingly senior leadership roles. He was made managing partner in 2016 alongside Danny Truell and Moakes, and then CEO of investments a year later alongside Moakes as CIO.

The Trust said that Gray’s time at Wellcome “has been a period of exceptional investment returns, and the team is widely recognised as having one of the strongest long-term investment track records of its type in the world”.

During Gray’s tenure, Wellcome said its assets have grown from £13.5bn (€15.8bn) in January 2001 to £38.2bn as at September 2021, with annualised investment returns of over 10% per annum over 20 years; 15.2% per annum over 10 years; 16.4% per annum over five years and 34.5% in the year to September 2021.

“This growth has allowed us to increase the amount we give away in support of our mission from £274m in the year Peter joined us, to an expected £1.2bn next year,” the Trust stated.

Gray said: “It has been an extraordinary privilege to work for Wellcome for almost 22 years and I am immensely proud of what the investment team has achieved in that time. Wellcome has one of the best long-term investment performance track records anywhere in the world and I am delighted at the contribution that this has made to funding Wellcome’s charitable mission.”

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