James Walsh, who stepped down as head of strategy at Hermes Fund Management last month, has taken the role of chief investment officer of Cornell University's $5bn (€4bn) endowment plan.

He replaces Don Fehrs, who resigned in January having grown the fund from $2.8bn in 1999. Walsh will manage 18 investment specialists at Cornell and report to the administration and investment committee. His number two at Hermes, Nigel Labram, was last month promoted to executive director of the strategy and alternatives unit. Labram joined Hermes three years ago. Frank Naylor, previously responsible for building Hermes' hedge fund business, is to be deputy for the strategy and alternatives unit. Day-to-day management of hedge funds has been passed to Kathryn Graham, who has been promoted to director. It emerged last week that Charlie Metcalfe, deputy chief executive and head of business development at Hermes, has left. He resigned after four years, to be replaced by Mike Webb from Invesco. Other departures from Hermes' team this year include equities specialist Nick Mustoe, who had been in line for the chief executive position before Mark Anson was appointed in January.
Hermes is owned by the £36bn (€53.3bn) BT Pension Scheme, which remains its main client.