Helena Morrissey, a prominent female leader in the City of London who pushed for more representation of women on corporate boards, has stepped down as chief executive officer of Newton Investment Management after 15 years to become its chairman.
Hanneke Smits, the chief investment officer of Adams Street Partners, will replace Morrissey, Newton said in a statement Friday. Morrissey became CEO at age 35 when Mellon Financial Corp., now Bank of New York Mellon Corp., took over Newton and ran the firm while raising nine children. Her new role is non-executive.
“The time is now right for me to move on to the next phase of my career and for a new CEO at Newton to drive its ongoing growth,” Morrissey said in the statement.
Morrissey joined Newton, which oversees about 47 billion pounds ($61 billion), in 1994 and was appointed CEO in 2001. She is chairman of The Investment Association, and last year was appointed to the U.K.’s Financial Services Trade and Investment Board.