Emerging markets veteran Gary Greenberg to retire from Hermes

Succession plan will see Kunjal Gala become co-manager on funds

Hermes head of global emerging markets Gary Greenberg is to retire from the business at the end of June 2022, Portfolio Adviser has learned.

An internal note issued to staff and seen by Portfolio Adviser said Greenberg (pictured) will continue to oversee the team, asset allocation and stock selection for the next three years, but from 1 January 2020 his role will change from lead portfolio manager to co-portfolio manager alongside Kunjal Gala on the £3.9bn Hermes Global Emerging Markets fund and the £114m Hermes Global Emerging Markets SMID Equity fund, which launched last year.

Gala is currently a senior analyst for several client strategies and has worked with Greenberg since 2012.

Hermes said the pair will continue to be supported by the global emerging markets team that has more than 150 years’ combined experience of investing in global emerging markets.

Greenberg joined Hermes in 2010 and has led the emerging markets operation since 2011. He joined from Silkstone Capital, a London-based hedge fund where he was managing partner and chief investment officer. Before that, he worked at Muse Capital, a hedge fund firm he co-founded, as chief investment officer.

Between 1999 and 2002 he was a senior portfolio manager at Goldman Sachs Asset Management, leading the emerging markets team in London and New York. He has also run emerging markets funds at Van Eck Global and Peregrine Asset Management.

Fundcalibre managing director Darius McDermott said: “Hermes has one of the top emerging market franchises in the industry and they have put in place clear succession planning with a decent duration. So, there’s certainly no need for anybody to panic as Gary’s going to be around for the coming couple of years.

“It is fairly sensible when you’ve got some managers who are older and will be retiring at some stage to put this sort of thing in place early and Hermes has done that, so well done.”

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