3
September 2024
Wellcome
announces new leadership of investment team with retirement of Nick
Moakes
Wellcome Trust and Wellcome Trust Finance plc (a
wholly owned subsidiary of The Wellcome Trust Limited as trustee of
the Wellcome Trust) announce that Nick Moakes is to retire as
Wellcome's Chief Investment Officer at the end of March 2025 after
17 years of outstanding service.
From 1 October 2024, Lisha Patel and Fabian
Thehos, who are currently Managing Directors of Wellcome's
investment team, will lead it as Managing Partners, initially
alongside Nick for a six-month transition. From 1 April 2025 they
will be Managing Partners and Co-Chief Investment
Officers.
John-Arne Røttingen, Wellcome's Chief Executive
Officer, said: "First and foremost I want to extend my enormous
thanks to Nick for his outstanding leadership of Wellcome's
investment portfolio, which has given us the financial security to
fulfil our mission of supporting science to solve the urgent health
challenges facing everyone. Without his work we would not have been
able to support the wide range of discovery science in the UK and
around the world, or drive forward solutions to mental health
problems, infectious disease and the impact of climate change on
health.
"I also want to congratulate Lisha and Fabian on
their appointment. After an exhaustive global succession review, we
have concluded with confidence that we already have the right
people to build on Nick's achievements. The future of Wellcome's
investments is in extremely capable hands."
Nick Moakes, Wellcome's outgoing Chief
Investment Officer, said: "I've often reflected during my time at
Wellcome that I have had the best investment job in the world.
There are very few places where investments can be made on a
multi-decade view, where there is freedom to invest across asset
classes, where proper account is taken of environmental and social
perspectives, and - crucially - where you can do it all for a vital
mission like Wellcome's. I'm exceptionally proud of the team that
we've built over the past two decades, and I'm delighted that I'm
now able to leave it under the capable leadership of Lisha and
Fabian."
About Nick
Moakes
Nick joined Wellcome in 2007 as Head of Public
Markets and has been Chief Investment Officer since 2017. In the 17
years Nick has been at Wellcome he has been part of a team that has
stewarded our £36.8 billion portfolio with exceptional success. In
2022 this allowed Wellcome to commit to spending £16 billion over
ten years on our mission to support science to solve the urgent
health challenges facing everyone.
Since Nick joined, Wellcome's assets have grown
from £15.1 billion in September 2007 (1) to £36.8 billion as at
September 2023 (2), over which period, Wellcome has spent over £15
billion on its mission. Annualised returns were 12.3% in the decade
to September 2023, which is widely recognised as one of the
strongest long-term investment records of its type in the world.
Recent highlights included successfully stewarding the portfolio
through the Covid-19 period and the subsequent inflationary spike,
and issuing the 100-year and 50-year bonds, capitalising on
Wellcome's long time horizon and AAA/Aaa credit rating.
This remarkable financial return has been
achieved alongside a commitment to environmental sustainability and
a focus on licence to operate. In 2021 Wellcome committed to a net
zero target for the investment portfolio of 2050 at the latest, and
the team have a developed a best-in-class approach to responsible
investment and stewardship.
From 1 April 2025, Nick will be appointed to the
role of Emeritus Partner and continue to advise
Wellcome.
About Lisha
Patel and Fabian Thehos
Following a global succession review,
incorporating an extensive market search conducted by Russell
Reynolds, Wellcome has appointed Lisha Patel and Fabian Thehos,
currently Managing Directors of Wellcome's Investment Team, to
Managing Partners (from 1 October 2024) and Co-Chief Investment
Officers (from 1 April 2025).
Between them Lisha and Fabian have over 36
years of experience at Wellcome and have covered the entire
investment portfolio in that time.
·
Lisha has been at Wellcome for 18 years and has worked across
multiple asset classes within the investment portfolio, notably
building Wellcome's direct private investment capability.
She is also Chair of the Investment Committee of
Pembroke College, Oxford and is a member of the Endowment Board of
Imperial College London and the Investment Committee of the
Honourable Society of the Middle Temple.
·
Fabian also joined Wellcome in 2006 and has also
worked across multiple asset classes, most recently leading the
public markets team. He also serves on the Finance
Committee of the 1851 Royal Commission.
Lisha said: "Wellcome's investment team has an
outstanding track record which has been achieved by using the
competitive advantage of our long-term investment time horizon,
backing excellent investment partners, and a strong focus on
developing our in-house investment team. I am looking forward to
continuing to build on the ingredients of success which have served
Wellcome so well."
Fabian said: "The portfolio is in excellent
shape thanks to the team's continued efforts. Although we must
expect challenging times ahead and a difficult environment for
generating returns, we are in a strong position to support spending
on the mission and maintain a healthy return on our portfolio. It's
an honour to be able to contribute to Wellcome's inspiring mission
and we're looking forward to working with Wellcome's leadership,
Board of Governors and Investment Committee."
Ends
Notes
1) Wellcome Trust Annual Report and
Financial Statements 2007 https://cms.wellcome.org/sites/default/files/wtd038606.pdf
2) Wellcome Trust Annual Report
2023 https://wellcome.org/reports/wellcome-annual-report
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