Danny Truell, chief investment officer at the Wellcome Trust, resigns

Nick Moakes will replace Truell, who has cited health reasons but will take on a new non-executive position

Danny Truell
Danny Truell

The chief investment officer of the UK’s richest charity, the Wellcome Trust, has resigned citing health reasons, the charity has confirmed.

Danny Truell, who is also a managing partner at the charity, will leave his role and take on a new non-executive position as emeritus partner from 1 October 2017, the Wellcome Trust said in a statement.

Nick Moakes will replace Truell as chief investment officer, and has also been appointed as a managing partner.

Peter Pereira Gray will also become a managing partner and chief executive officer, investments, at the trust.

The Wellcome Trust runs its own in-house investment team. The most recent accounts for the year to 30 September 2016 showed that one unnamed person in the investment team was paid between £3,050,000 and £3,059,999 that year.

The charity did not reveal whether Truell was the recipient of the £3m salary, and at the time Wellcome said the in-house team had saved the charity "hundreds of millions of pounds" in fees that would otherwise be paid to external investment managers.

A statement from the Wellcome Trust said that since Truell’s appointment as chief investment officer in 2005, the trust’s endowment had grown from £12.3bn to £20.9bn, and its investment returns had "exceeded 200 per cent, averaging more than 10 per cent a year".

Jeremy Farrar, director of the Wellcome Trust, said: "Danny Truell is one of the most remarkable people to have served the Wellcome Trust. His contributions have been pivotal to making Wellcome what it is today.

"This year, Wellcome will spend more than £1bn on our work, more than twice what we spent in the year Danny arrived. That would not be possible without the outstanding achievements of Danny and his team.

"I want to thank Danny on behalf of all those who benefit from Wellcome’s support. I will miss his day-to-day leadership greatly, and I am glad that we will continue to benefit from his wisdom and advice as emeritus partner."

Truell said: "It has been a privilege to lead Wellcome’s investment division over a period of extraordinary change and opportunity in investment markets, and to have delivered returns that have allowed Wellcome to more than double our charitable spending.

"I am proud to be appointed emeritus partner of a world-class investment team that supports an organisation that does so much good for health and science. I am delighted that Peter and Nick will continue to lead the team; nobody is better placed to preserve the unique culture that we have created together over the past decade."

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