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GMO names new CEO amid ESG funds push

GMO names new CEO amid ESG funds push

Grantham, Mayo, and Van Otterloo (GMO) has appointed former Quantitative Management Associates boss Scott Hayward as its new chief executive.

He will replace Peg McGetrick, who has been chief executive at the firm on an interim basis since July last year.

McGetrick, who will remain as a director at the firm, had replaced previous full-time chief executive Brad Hilsabeck who left the business in June 2016.

Hayward departed QMA in October 2016 and was replaced by Andrew Dyson.

He had been at QMA for 13 years—11 of which were spent as chief executive. He has also held executive positions at Jennison Associates and JP Morgan.

In June, GMO cut 10% of its workforce and overhauled its global equity team, stopping fundamental stock selection, instead focussing on quantitative investment.  

This move led to the departure of a number of portfolio managers and saw GMO lose two $1 billion subadvisor mandates from John Hancock, among others. 

Some of the portfolio managers who departed were David Cowan, Chris Fortson and Sam Wilderman. 

The firm named Andy Martin as head of investment teams, a newly-created role. Martin previously spent 10 years at Cambridge Associates as managing director in the non-profit practice and global head of hedge fund research.

GMO has also announced plans to launch a series of strategies for clients focused on the issue of climate change—aimed to help investors promote a positive environmental impact while trying to achieve desirable investment results.

The first strategy, the Climate Change fund, will launch in the first quarter of 2017 and will target companies focused on climate change mitigation and adaption.

‘This is an incredible opportunity I look forward to working with such an accomplished team to bring the best of GMO’s fundamental and quantitative capabilities to bear on behalf of our clients,’ said Hayward.

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