The co-chief investment officer of Hermes GPE, Susan Flynn, ended her tenure at the fund of funds investor for undisclosed reasons at the end of June.
Hermes GPE, a joint venture formed earlier this year by Gartmore Investment Management and Hermes Fund Managers, confirmed the departure saying only that she had “stepped down following the successful integration of the two businesses”.
A spokesperson declined to comment further but said the company wished her well. Flynn could not be reached for comment.
Flynn was co-CIO along with Peter Gale, who will now assume full CIO duties. Gale was responsible for the direct co-investment programme and asset allocation and strategy decisions, while Flynn led secondaries and infrastructure activities, according to the firm’s website.
Flynn joined Hermes Private Equity as its chief executive officer in 2007, prior to which she spent four years at secondaries firm Coller Capital and six years as the CEO of GM Asset Management.
Hermes, which invests on behalf of the UK’s largest pension scheme, underwent several significant changes since Flynn joined the company.
In March 2009 it spun out its direct investment arm to Bridgepoint, which took over two active funds and the related 10-person investment team.
It then went on to merge its remaining fund of funds business in April 2010 with Gartmore, creating Hermes GPE. At the time, the firm noted that the merger created a £4.1 billion investment company that planned to both win mandates from institutions to manage their private equity programmes as well as buy in-house private equity programmes from asset managers as the industry consolidated. Alan MacKay, a founding partner at 3i, joined to become the group’s CEO.