Veteran emerging market investor to step back from funds ahead of retirement

From September 2020 onwards, Greenberg will no longer serve as the portfolio manager of Hermes Global Emerging Markets fund and the Hermes Global Emerging Markets SMID Equity fund.

Funds and Investment Trusts June 2, 2020 by Tom Bailey

Veteran emerging market investor Gary Greenberg is due to step back from the day-to-day management of his two Federated Hermes global emerging market funds in anticipation of his later retirement.

From September 2020 onwards, Greenberg will no longer serve as the portfolio manager of Hermes Global Emerging Markets fund and the Hermes Global Emerging Markets SMID Equity fund. Greenberg will maintain his role as global head of emerging markets until his planned retirement in 2022, which was first announced in November 2019. In his continued role as global head of emerging markets, Greenberg will continue to oversee the management of the two funds.

Prominent fund managers often transition out of their role as manager of a fund when heading for retirement in order to provide investors with a sense of continuity and reassure them that there is a clear and orderly succession plan in process.

Kunjal Gala has been named as the lead portfolio manager of the two funds, effective from September. He has been co-manager of the Hermes Global Emerging Markets fund since 2016 and of the Hermes Global Emerging Markets SMID Equity fund since October 2018 when it was launched.

Greenberg joined Hermes in 2010. Prior to this, he had been managing partner at hedge funds Silkstone Capital and Muse Capital, both of which he co-founded.

Eoin Murray, head of investment for the International business of Federated Hermes, said: “Gary and Kunjal have created an industry-leading approach to emerging markets investment which has delivered consistent returns for our clients. The appointment of Kunjal is a natural evolution within our emerging markets team and we are delighted to have such strong capabilities in place to deliver on our successful approach. Kunjal is an exceptionally talented portfolio manager and we are confident that he will continue to deliver for our clients.

“I would like to thank Gary for his contribution to Federated Hermes in his portfolio management role and am pleased that he will be closely supporting Kunjal over the next two years.”

Over the past five years Hermes Global Emerging Markets has returned 45.5% versus 24.3% for Investment Association Global Emerging Markets sector average.

Subscribe to Money Observer Magazine

Be the first to receive expert investment news and analysis of shares, funds, regions and strategies we expect to deliver top returns, plus free access to the digital issues on your desktop or via the Money Observer App.

Subscribe now

Add new comment