Hermes Investment Management, which oversees 21 billion pounds ($31 billion) of assets, appointed David Stewart as chairman of its board of directors.

Stewart will take up his new role on April 1, replacing Paul Spencer, who has held the position since 2011, according to an e-mailed statement from the company on Tuesday.

Stewart joined the board of London-based Hermes last year as a non-executive director. He’d previously worked for nine years at Odey Asset Management as chief executive and non-executive director, according to the statement.

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