Ethical investing fund manager Hunter Hall, whose founder and chief investment office Peter Hall has resigned and started selling his majority holding, has appointed an interim CEO.
A short time ago, the company’s shares were up 3% to $2.36, but still below the $3.10 level before Peter Hall resigned.
The board of directors at Hunter Hall International, working with Peter Hall, have agreed to make chief financial officer Paula Ferrao interim CEO.
Ferrao has 19 years’ experience in the funds management industry and has been Hunter Hall’s Deputy CEO since May last year and Hunter Hall’s CFO since 2010.
Deputy chief investment officer James McDonald is appointed interim CIO to take over Hall’s responsibilities, effectively immediately.
McDonald has 19 years’ experience in global equity markets and has been a portfolio manager at Hunter Hall since 2003 and Hunter Hall’s Deputy CIO since 2011.
The board at Hunter Hall has started a formal executive search process for a new CEO and CIO.
Ethical investor pioneer Peter Hall last month announced he was stepping down and last week he started selling his 43% majority stake in the company.
He is selling to ASX-listed investment house Washington H. Soul Pattinson at $1 a share, less than one-third of $3.10 the shares had been selling for.
Washington H. Soul Pattinson is making a cash takeover bid at $1 a share for the rest of the company. Hall’s acceptance will make Soul Patterson the biggest shareholder.
Hall, who started Hunter Hall 22 years ago, says he’s now 56 years old and wants to to spend more time with his family and pursue “personal interests”.