Hermes hires head of investments to replace CIO

LONDON, June 1 (Reuters) - UK fund manager Hermes said on Monday it has appointed Saker Nusseibeh to the new role of head of investments, replacing Roger Gray who is stepping down as Chief Investment Officer.

Nusseibeh joins from Fortis Investments where he was Global Head of Equities and Chief Investment Officer of Global Equities.

He will join Hermes' board and will provide oversight and support to existing teams and will play an "integral" role in the company's drive to acquire new teams and businesses, the fund manager said in a statement.

Nusseibeh will take charge following a brief handover from Gray, who will look at opportunities to manage money directly.

Hermes -- which is owned by the BT Pension Scheme -- had assets under management of 27 billion pounds ($44.24 billion) as of end-2008. ($1=.6103 Pound) (Reporting by Raji Menon)