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Hermes publishes its Gender Pay Report

Home / Press / Hermes publishes its Gender Pay Report

Harriet Steel, Head of Business Development
Saker Nusseibeh, CEO, Hermes Investment Management
05 March 2018
Corporate News

Hermes Investment Management, the £33.0 billion manager, has today published its Gender Pay Report in accordance with the UK Government Equalities Office reporting regulation, requiring employers with more than 250 or more employees to disclose annually on their Gender Pay Gap.

Hermes’ approach to pay is gender neutral, with both male and female staff paid fairly for the work that they undertake. Further to this, Hermes regularly evaluates its pay to ensure that all staff are compensated fairly. However, the business recognises that to close the Gender Pay Gap of 30.2% their senior female representation will need to increase across the firm.

Hermes has a strong culture of responsibility, ingrained in its DNA, and firmly believes that it should lead by example.  Therefore, the business established the Hermes Pledge in 2015, making clear its commitments, obligations and responsibilities as an organisation and as individuals. Hermes remains committed to treating everyone fairly, with dignity and respect, and believes that diversity and an inclusive culture allows us to continue to grow as a strong and innovative organisation.

A signatory of the Women in Finance Charter, Hermes has set firm wide targets for the business, and achieved an increase in female employees of more than 4%, demonstrating that efforts to date are having a positive impact on the gender diversity across the business.

Harriet Steel, Head of Business Development, Hermes Investment Management, said: “100 years ago women in the UK received the right to vote, yet today, there is still a gender pay gap. I believe that 2018 will be a seminal year for the industry. Diversity Initiatives such as the Women in Finance Charter and Gender Pay Gap reporting show women are still heavily underrepresented in the investment industry at a senior level.  Closing the gender pay gap will take time, but 2018 will mark the start of an industry-wide commitment to greater diversity by taking meaningful, measurable and visible steps that deliver long-term change.”

Saker Nusseibeh, Chief Executive, Hermes Investment Management, said: “While our Gender Pay Gap is likely to be on par with the rest of the asset management industry, it is simply not good enough. We need to change this imbalance across Hermes as well as the rest of the industry. It is imperative that the industry starts to widen the pool of people from which we recruit, encourage the brightest into the industry irrespective of their specific qualifications and create an environment that enables them to flourish and contribute over the long-term.”

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Harriet Steel Head of Business Development

Harriet is Head of Business Development, a member of the Executive Committee (ExCo) and an Executive Board Director. She joined the firm in 2011 with responsibility for Sales, Client Service, Marketing, Communications and Product Strategy. Under her leadership, Hermes has built a fast-growing and profitable third-party business in which assets under management for external clients have tripled, and revenues grown from 15% to 70% of the total. Appointed to the Board of Hermes in 2013, Harriet became the company’s first female Executive Director.

Harriet’s career in the City began in 1990 after graduating from Princeton University with a degree in architecture. She joined the global trading team at Bankers Trust, initially trading currency options and subsequently holding senior derivatives sales roles in Paris, London and New York before joining Morgan Stanley’s fixed income group in 1996. In 2003 Harriet established Portico Advisors, an asset raising and marketing advisory firm for alternative investment managers, including hedge funds, private equity and real estate strategies, which she ran until joining Hermes.

Harriet acts as a mentor to female executives at Hermes, encouraging them to fulfil their potential and providing practical insight and guidance on how to achieve success in the City. Harriet is a regular commentator in the print and broadcast media on business, economic and diversity issues and, for the last four years, has been recognised as one of the top 100 women in European finance by Financial News.


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Saker Nusseibeh CEO, Hermes Investment Management Saker is Chief Executive of Hermes, chair of its Executive Committee and an Executive Board Director. Saker was appointed CEO in May 2012, having been acting CEO since November 2011. Saker joined the firm in June 2009 as Head of Investment and Executive Board Director. He is responsible for leading the firm’s growth strategy and ensuring that Hermes continues to deliver excellent long-term investment performance, responsibly. Under his leadership, Hermes has achieved outstanding year-on-year growth in sales, revenues and profitability, while contributing widely to the debate about how to improve the contribution of financial services to society. Critically, long-term investment performance has remained at outstanding levels during his tenure. Prior to joining Hermes, Saker was Global Head of Equities at Fortis Investments USA, having initially been appointed to the firm as CIO Global Equities in 2005. Before this he was CIO of Global Equities and Head of Marketing for SGAM UK. This role followed SGAM’s acquisition of Trust Company of the West (TCW), where Saker was Managing Director, running global and international strategies, as well as managing TCW’s London office. He started his career at Mercury Asset Management in 1987. Saker is a regular public speaker, writer and commentator, appearing at leading industry conferences, on television and radio. He is the founder of the 300 Club, which he chaired from its inception in 2011 until early 2014. The 300 Club is a group of leading investment professionals who seek to challenge investment orthodoxy and improve the contribution of financial services to society. Saker is a member of the CFA Institute’s Future of Finance Advisory Council, a member of the IIRC Council, and was a public member of Network Rail for three years until November 2014. He is Non-Executive Chairman of Carbon Tracker, an independent financial think tank that provides analyses of the impact of climate change on capital markets and investment in fossil fuels. He sits on the Banking Standards Board, which aims to restore trust in the UK banking industry, as a practitioner member. Saker also sits on the advisory board of Mosaic, the charity that seeks to improve the chances of young people and to bring communities together; the UK National Advisory Board on Impact Investing; and the steering committee for the United Nations Environment Programme Finance Initiative. In 2015, Saker was named CEO of the Year at the Global Investor Investment Excellence Awards. Saker has a BA and PhD in Medieval History from King's College, University of London.
Read all articles by Saker Nusseibeh

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