Stephen Anthony Zimmerman (born April 1949)[1] was deputy chairman and co-head of Mercury Asset Management throughout the 1990s alongside Carol Galley.
Stephen Zimmerman | |
|---|---|
| Born | April 1949 |
| Nationality | British |
| Occupation | Businessman |
| Known for | deputy chairman and co-head of Mercury Asset Management (1990 to 2001) |
Career
editZimmerman joined City of London investment bank S.G. Warburg & Co. in 1971, becoming a director of investment subsidiary, Mercury Asset Management in 1979 and deputy chairman from 1990.[2] Along with Galley, who joined the company at the same time, Zimmerman has been credited with driving the growth of Mercury Asset Management during the 1980s and 1990s.[3]
The author Philip Augar wrote of Mercury in the 1980s and 1990s: “Under the leadership of [Peter] Stormonth Darling and then the triumvirate of Hugh Stevenson, Carol Galley and Stephen Zimmerman, Mercury caught the rising tide of instructional investment in the UK quite brilliantly.”[4]
Following the sale of Mercury to Merrill Lynch in 1997, Zimmerman stayed on with Galley to lead the integration process as co-heads.[5] Just as they had joined in the same year and worked closely over the following 30 years, they left at the same time, announcing their departure in March 2001.[3] When reporting on Zimmerman and Galley’s decision to leave Merrill, the Wall Street Journal cited Zimmerman as saying that he ‘wouldn’t be surprised to end up sharing an office with [Galley] again’.[6] Writing at the same time, Daily Telegraph columnist, Neil Collins, predicted they’d set up a boutique investment firm together.[7]
In the 2003, Zimmerman did set up a boutique, but with other ex-Merrill colleagues, Michael Marks and Paul Roy (as opposed to Galley, who remained in retirement).[8] The new Venture was called NewSmith in a nod, Smith New Court, another City institution bought by Merrill Lynch in the 1990s and previously run by Marks and Roy. NewSmith did well during the financial crisis,[9] though asset under management declined during the following decade. In an echo of his departure from Merrill Lynch, Zimmerman retired at the same time as co-founder, Marks (NewSmith was acquired by Man Group less than a year later[10]).[11]
Other activities
editZimmerman has been active in supporting London-based Jewish charities. Of particular note, he was chairman of Jewish Care from 2006 to 2011,[12][13] and remains an honorary president.[14]
References
edit- ^ "Company Directorships". UK Companies House. Retrieved 1 September 2018.
- ^ "Annual report and accounts for 1993". Mercury Asset Management. UK Companies House. 5 August 1994. p. 8. Retrieved 2 September 2018.
- ^ a b Anderson, Scott (29 March 2001). "Merrill Lynch replaces Galley and Zimmerman". Professional Pensions. Retrieved 2 September 2018.
- ^ Augar, Philip (2010). Reckless:The Rise and Fall of the City, 1997-2008. Random House.
- ^ "Mercury changes in more than name". Financial News. 5 June 2000. Retrieved 31 August 2018.
- ^ Calian, Sara (29 March 2001). "Chief operating officers step down from Merrill Lynch investment unit". The Wall Street Journal. Retrieved 3 September 2018.
- ^ Collins, Neil (29 March 2001). "Watch this space as Galley and Zimmo rest between shows". Daily Telegraph. Retrieved 3 September 2018.
- ^ Kemeny, Lucinda (8 February 2014). "NewSmith founders put £50m into firm". The Times. Retrieved 3 September 2018.
- ^ Armitstead, Louise (7 September 2010). "NewSmith staff share £27m payout". Daily Telegraph. Retrieved 3 September 2018.
- ^ Johnson, Miles; Massoudi, Arash; Rovnick, Naomi (20 February 2015). "Man Group to buy asset manager NewSmith". Financial Times. Retrieved 3 September 2018.
- ^ Ahuja, Vivek; Foster, Mike (18 July 2014). "NewSmith founding duo depart fund manager". Financial News. Retrieved 3 September 2018.
- ^ Strong, Charlie (10 October 2005). "New chairman at Jewish Care". East London & West Essex Guardian. Retrieved 3 September 2018.
- ^ Elgot, Jessica (26 January 2012). "'Young donors not giving enough'". The Jewish Chronicle. Retrieved 3 September 2018.
- ^ "Our trustees". Jewish Care website. Retrieved 3 September 2018.