Chancellor Philip Hammond has announced the appointment of Newton Investment Management CEO Hanneke Smits as one of three non-executive directors to the Bank of England’s Court of Directors.
Smits, alongside Rohinton (Ron) Kalifa and Frances O’Grady, will begin their four-year terms on 1 June.
Smits has worked in the asset management and private equity industry for over 26 years. She became CEO of Newton, a subsidiary of the Bank of New York Mellon, in 2016 and currently serves on the board of the Investment Association.
Hammond commented on the appointment: “The appointment of Ron Kalifa, Frances O’Grady and Hanneke Smits to the Bank of England’s Court will bring a vital breadth of experience and wealth of knowledge to the Bank’s board.”
Brad Fried, chair of the Bank of England’s Court of Directors, said: “We are lucky to have Ron, Frances and Hanneke join Court and I am personally very pleased to be working with them as non-executive directors. The Bank is a unique institution and Court has an important role to play in overseeing all its functions.
He added: “Hanneke’s leadership within the asset management and private equity industry will undoubtedly further bolster our understanding of the challenges facing that sector.
“The Bank will need to continue to evolve as the world around it does and I am confident that these additions to Court will help the Bank remain at the forefront of monetary and financial stability in the UK.”
Ben Broadbent, Deputy Governor of the Bank of England with responsibility for monetary policy, has also been reappointed for a further term, effective from 1 July.