Pemberton Asset Management has hired Harriet Steel as partner and head of global clients — a new role that will have her overseeing business development, investor relations, marketing, communications and sustainable investing.
Steel, based in London, brings three decades of financial services experience, most recently as head of business development, international at Federated Hermes. She also served as a member of the executive committee and a board director of the international business. According to a spokesman at Federated Hermes, her team in Europe and Asia now reports into a newly created global sales organization.
“Harriet’s extensive experience in financial markets and her strong track record in asset management are invaluable and will be key in supporting the strategic build out of our platform and the global client franchise as we remain committed to deliver leading alternative credit strategies to our clients,” said Symon Drake-Brockman, managing partner at Pemberton.
The U.K.-based alternative credit specialist recently raised $1 billion for its Working Capital Finance (WCF) strategy. The $18.8 billion firm’s strategy is focused on receivables, payables and inventory financings for large and mid-market companies in both the U.S. and in Europe through an open-ended fund structure. Pemberton invests in companies that span a wide range of sectors, with a focus on IT and food businesses.
Pemberton has grown from launching three successful direct lending strategies to become a diversified, multi-strategy alternative credit platform, which includes Working Capital Finance, NAV Financing, Risk Sharing and CLO’s. The build out of the platform has been supported by a substantial investment into the people resources across the firm, officials said.
Steel’s commercial leadership was key to the transformation of Hermes Investment Management from an internal asset manager for the British Telecom Pension Scheme to an independent investment management business. According to the announcement, her work led to the successful sale of Hermes Investment Management to Federated Hermes in 2020.
Prior to Hermes, Steel held roles at Bankers Trust and Morgan Stanley, in addition to Portico Advisors, where she raised assets for hedge funds, private equity and real estate strategies.
“Pemberton’s impressive growth record, its evolution towards a multi-strategy alternative credit offering and a market environment with opportunity for further growth, make it an exciting time to join,” Steel said. “I look forward to working with the team as we look to define Pemberton’s next chapter and deliver continued value to our clients.”