Wellcome announces new leadership of investment team with retirement of Nick Moakes

Nick Moakes is to retire as Wellcome’s Chief Investment Officer at the end of March 2025 after 17 years of outstanding service. 

From 1 October 2024, Lisha Patel and Fabian Thehos, who are currently Managing Directors of Wellcome’s investment team, will lead it as Managing Partners, initially alongside Nick for a six-month transition. From 1 April 2025 they will be Managing Partners and Co-Chief Investment Officers. 

John-Arne Røttingen, Wellcome’s Chief Executive Officer, said: “First and foremost I want to extend my enormous thanks to Nick for his outstanding leadership of Wellcome’s investment portfolio, which has given us the financial security to fulfil our mission of supporting science to solve the urgent health challenges facing everyone. Without his work we would not have been able to support the wide range of discovery science in the UK and around the world, or drive forward solutions to mental health problems, infectious disease and the impact of climate change on health. 

“I also want to congratulate Lisha and Fabian on their appointment. After an exhaustive global succession review, we have concluded with confidence that we already have the right people to build on Nick’s achievements. The future of Wellcome’s investments is in extremely capable hands.”

Nick Moakes, Wellcome’s outgoing Chief Investment Officer, said: “I’ve often reflected during my time at Wellcome that I have had the best investment job in the world. There are very few places where investments can be made on a multi-decade view, where there is freedom to invest across asset classes, where proper account is taken of environmental and social perspectives, and – crucially – where you can do it all for a vital mission like Wellcome’s. I’m exceptionally proud of the team that we’ve built over the past two decades, and I’m delighted that I’m now able to leave it under the capable leadership of Lisha and Fabian.” 

Nick joined Wellcome in 2007 as Head of Public Markets and has been Chief Investment Officer since 2017. In the 17 years Nick has been at Wellcome he has been part of a team that has stewarded our £36.8 billion portfolio with exceptional success. In 2022 this allowed Wellcome to commit to spending £16 billion over ten years on our mission to support science to solve the urgent health challenges facing everyone. 

Since Nick joined, Wellcome’s assets have grown from £15.1 billion in September 2007 (1) to £36.8 billion as at September 2023 (2), over which period, Wellcome has spent over £15 billion on its mission. Annualised returns were 12.3% in the decade to September 2023, which is widely recognised as one of the strongest long-term investment records of its type in the world. Recent highlights included successfully stewarding the portfolio through the Covid-19 period and the subsequent inflationary spike, and issuing the 100-year and 50-year bonds, capitalising on Wellcome’s long time horizon and AAA/Aaa credit rating. 

This remarkable financial return has been achieved alongside a commitment to environmental sustainability and a focus on licence to operate. In 2021 Wellcome committed to a net zero target for the investment portfolio of 2050 at the latest, and the team have a developed a best-in-class approach to responsible investment and stewardship. 

From 1 April 2025, Nick will be appointed to the role of Emeritus Partner and continue to advise Wellcome. 

Following a global succession review, incorporating an extensive market search conducted by Russell Reynolds, Wellcome has appointed Lisha Patel and Fabian Thehos, currently Managing Directors of Wellcome’s Investment Team, to Managing Partners (from 1 October 2024) and Co-Chief Investment Officers (from 1 April 2025). 

Between them Lisha and Fabian have over 36 years of experience at Wellcome and have covered the entire investment portfolio in that time. 

• Lisha has been at Wellcome for 18 years and has worked across multiple asset classes within the investment portfolio, notably building Wellcome’s direct private investment capability.  She is also Chair of the Investment Committee of Pembroke College, Oxford and is a member of the Endowment Board of Imperial College London and the Investment Committee of the Honourable Society of the Middle Temple.
• Fabian also joined Wellcome in 2006 and has also worked across multiple asset classes, most recently leading the public markets team. He also serves on the Finance Committee of the 1851 Royal Commission.

Lisha said: “Wellcome’s investment team has an outstanding track record which has been achieved by using the competitive advantage of our long-term investment time horizon, backing excellent investment partners, and a strong focus on developing our in-house investment team. I am looking forward to continuing to build on the ingredients of success which have served Wellcome so well.”

Fabian said: “The portfolio is in excellent shape thanks to the team’s continued efforts. Although we must expect challenging times ahead and a difficult environment for generating returns, we are in a strong position to support spending on the mission and maintain a healthy return on our portfolio. It’s an honour to be able to contribute to Wellcome’s inspiring mission and we’re looking forward to working with Wellcome’s leadership, Board of Governors and Investment Committee.”

Notes

1. Wellcome Trust Annual Report and Financial Statements 2007 https://cms.wellcome.org/sites/default/files/wtd038606.pdf
2. Wellcome Trust Annual Report 2023 https://wellcome.org/reports/wellcome-annual-report