UK - Hermes Pension Management, the asset manager owned by BT Pension Scheme, has named Roger Gray to succeed Nick Mustoe as chief investment officer.

US-born Gray, who joins Hermes on September 25, is a former CIO and head of institutional business at Rothschild Asset Management. He was also global head of asset allocation/currency at UBS Asset Management.

Since 2002 he's been an adviser for institutional funds and asset management groups.

Mustoe left in May to join Pictet, shortly after the arrival of new CEO Mark Anson from the $201bn California Public Employees Retirement Scheme where he was CIO.

Gray joins amid reports that Hermes has led the £36bn BT pension fund into a radical and so far unseen shift in its asset allocation.

Gray studied Philosophy, Politics and Economics at Oxford University and Economics as a post-graduate at Harvard University, where he was a teaching fellow.

Anson said: "I am delighted Roger is joining the team. Roger brings to Hermes the in-depth experience of an investor, combined with the broader perspective on strategic asset solutions. 

"This is a valuable skill set which will provide excellent benefits to Hermes' clients. He will provide leadership to the strong in-house teams we have in place across the different asset classes."

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