Polar Capital has appointed former JO Hambro Capital Management (JOHCM) boss Gavin Rochussen as chief executive.
He will take up the role in July, replacing the asset manager’s current CEO, Tim Woolley, who will stand down and take a non-executive position.
Polar Capital said that Rochussen will be receive up to £3 million worth of shares under the terms of its long-term incentive plan (LTIP). He has also committed to buying shares in the company.
In a stock market announcement the firm said: 'In addition to the LTIP award Mr Rochussen has informed the board of his intention to purchase in the market for his own account or via a nominee, subject to the normal rules of the group's share dealing policy, up to one million ordinary shares at a price of up to 300p.'
Share in Polar Capital are currently trading at 350p, down 13p, or -3.58% on the day. Year to date they are up 16.7%.
Rochussen (pictured) led JOHCM between 2008 and 2016, in which time its assets under management rose from £1.5 billion to £23.9 billion, before it was acquired by Australian group, BT Investment Management.
Prior to that he was CEO of Fleming Family Partners.
Polar Capital chairman Tom Bartlam said in a stock market announcement: ‘We are delighted to have attracted someone of Gavin's experience to take over from Tim as CEO of the Group. Gavin has a proven track record of successfully managing a boutique equity investment house and we are all excited at the opportunities in front of us as Gavin takes over the reins at Polar Capital.’
He added: ‘We all owe Tim a great debt of gratitude for leading the firm, which he founded with Brian Ashford-Russell and Caledonia Investments plc, so well over the past seven years and having grown assets under management from £1.2 billion when he returned, as CEO in November 2009 to £8.4 billion at 31 December 2016.
‘We are also pleased that that Tim will continue to serve on the board and that the group will continue to benefit from his expertise.’