Saker Nusseibeh, currently head of investment, will step up as acting chief executive at Hermes Fund Managers while an external search for a replacement is completed.

Outgoing CEO  Rupert Clarke was appointed head of Hermes in 2007, after spending four years as CEO of Hermes Real Estate Investment Management.
  
“Over the past four years under the leadership of Rupert we have undergone a major investment programme to build the right operational and investment infrastructure and we have now completed this first phase of our evolution,” said Paul Spender, Hermes' chairman.

“We now move into the next stage of our growth and reaffirm our commitment to being a first class asset manager in the institutional market.” 

Nusseibeh joined Hermes in 2009, after starting at Fortis Investments USA as chief investment officer of global equities in 2005 and moving on to become global head of equities.

The firm, established over 30 years ago, had £20.9 billion ($32.5 billion) in assets under management, as of end September.