New PE head at Hermes

Rod Selkirk is to replace Robert Padgett as head of private equity at Hermes Pensions Management.

Hermes, the UK pension fund manager, has announced that Rod Selkirk is to join the firm as head of private equity. His appointment forms part of the succession planning for the retirement of Robert Padgett, who will leave Hermes in May 2003.

Selkirk, who will join the firm at the end of April, was formerly managing director at Bridgepoint Capital, which he joined in 1990 from 3i. He will work alongside Padgett as the firm looks to grow its private equity operations.

Tony Watson, chief executive of Hermes Pensions Management said the appointment was likely to be the first of a number of appointments by the firm’s private equity division. “We plan to make further appointments in private equity to reflect the increased level of commitments to this asset class that we are seeing from our clients.”

Hermes Pensions Management is a stand-alone pension fund manager, wholly owned by BT Pension Scheme, which is the UK’s largest pension fund. Hermes is the principal investment manager for BT and Consignia and has £45bn under management.