BK Bank of New York Mellon Corporation

Helena Morrissey, one of the most influential women in the City of London, is stepping down as chief executive of Newton Investment Management to become its nonexecutive chair.

She will be succeeded by Hanneke Smits, former chief investment officer of private-equity firm Adams Street Partners, the London-based investment-management company said Friday.

Ms Morrissey has been in the top job at Newton, which has £ 52 billion ($67.5 billion) in assets under management, for 15 years. She took the position after the shock departure of founders Stewart Newton and Charles Richardson, pioneers of global thematic investment, after the purchase of the firm by U.S. custody bank BNY Mellon.

Consultants agree Ms Morrissey was successful in stabilizing the ship. Mitchell Harris, CEO of BNY Mellon Investment Management, said: "We are extremely thankful to Helena for her many contributions during her tenure as CEO. I am pleased that she will continue to serve Newton as nonexecutive chair."

On her own future in finance, Ms Morrissey told Financial News: "I don't want this to be my last job. I think I have at least another 10 years to offer, maybe more the way longevity is developing. I would want to work for a firm with the right culture—an opportunity to make a big impact."

While retaining her position as chief executive, Ms Morrissey, a mother of nine, developed the 30% Club which lobbies companies to appoint women to 30% of their board positions.

She stepped down as Club chairman in 2015 to take day-to-day oversight of her investment team at Newton, while serving as chairman of the Investment Association trade body, which represents U.K. fund managers looking after assets worth £ 5.5 trillion.

Morrissey will keep her role at the IA, together with her position as a member of the Financial Services Trade and Investment Board.

(END) Dow Jones Newswires

August 12, 2016 08:35 ET (12:35 GMT)

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