Wellcome Trust appoints new Head of Execution and Implementation to Investment Division
29 May 2009
Johnston has previously worked for some of the world's leading investment banks. He worked for eight years at Goldman Sachs as both a UK Equity Trader and subsequently as Head of Automated Execution Strategies. He then spent more than five years at Modal Capital (part of Credit Suisse) as a Portfolio Manager in the Event-Driven Trading group, and most recently occupied the same role at Citadel Investment Group.
"I am honoured to be joining the Wellcome Trust's investments team," says Johnston. "I am excited by the opportunity to draw on my trading and investing experience to contribute to its high quality and long-term investment strategy. I will be joining an impressive array of professionals from a wide range of backgrounds, all of whom contribute to enabling the Trust to fund innovative biomedical research both in the UK and internationally."
Johnston's appointment has been welcomed by Danny Truell, Chief Investment Officer at the Wellcome Trust.
"Investments are key to the Wellcome Trust's business, enabling us to support the brightest scientists with the best ideas," says Truell. "With our asset base at £12.2 billion, there is considerable scope both to add incremental returns and to manage risks even more effectively. Tim's trading and hedge fund skills will enable us to diversify our skills and better exploit technical market opportunities to improve the performance of the fund."
The Wellcome Trust was established in 1936 through an endowment in the will of Sir Henry Wellcome. Since the flotation of Wellcome plc in 1986, the Trust's investment returns have averaged 15% per annum. The Trust spends over £600 million each year to support and facilitate innovative science and medicine on a global scale.
The Trust's assets are managed by the Investment Division and overseen by the Investment Committee. The assets are invested in a diverse set of public and private funds, aiming for capital growth ahead of inflation in the long term. In 2006, the Trust became the first UK charity to be awarded an Aaa/AAA bond credit rating, the highest credit rating available. This rating has recently been re-affirmed. The Trust subsequently issued Sterling-denominated Bonds in July 2006 and again in May 2009.
*Figure as of end of March 2009.
Contact
Craig Brierley
Senior Media Officer
Wellcome Trust
T +44 (0)20 7611 7329
E
c.brierley@wellcome.ac.uk
Notes for editors
1. The Wellcome Trust is the largest charity in the UK. It funds innovative biomedical research, in the UK and internationally, spending over £600 million each year to support the brightest scientists with the best ideas. The Wellcome Trust supports public debate about biomedical research and its impact on health and wellbeing.