Steinberg swaps SVG for IMF

The ex-CIO at the Wellcome Trust has stepped down from the SVG board to lead the IMF’s investment unit.

Gary Steinberg, the former investment chief at The Wellcome Trust, has resigned from the board of SVG Capital as he moves to a new role with the International Monetary Fund in Washington.

Steinberg will head the IMF’s investment unit, according to a statement from SVG.

Steinberg joined the SVG board in March 2007 as an independent non-executive director. Prior to this he served as chief investment officer at the UK-based endowment The Wellcome Trust and BP Investment Management, where he managed portfolios of £11 billion (€12.3 billion; $17.8 billion) and £12 billion respectively. He also spent time in a senior investment position at UK pension the Universities Superannuation Scheme.

SVG Capital is a London-listed investment trust with strong ties to private equity firm Permira. The majority of SVG’s capital is invested in Permira-managed funds, although the firm has been growing SVG Advisers, its wholly-owned fund of funds business that raises capital from third parties.