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21 December 2023

Two new appointments to the USS Investment Management Limited Board

Universities Superannuation Scheme Limited (or USS) – the trustee of one of the largest pension schemes in the UK – is delighted to announce the appointment of Bronte Somes and Richard Metcalf as two new non-executive directors to the USS Investment Management Limited (USSIM) Board.

Both Bronte and Richard will join the USSIM Board from 1 January 2024. The two new non-executive directors come as we look to say goodbye to Chris Rowlands and Tony Owens in the year ahead. Chris will retire on 31 January 2024, and Tony will retire on 31 October 2024.

Bronte has over two decades of experience in infrastructure and private markets, both key areas of interest for USS. As Head of Infrastructure Equity Europe at UBS Asset Management’s Real Estate and Private Markets, Bronte was responsible for originating and executing infrastructure transactions and managing infrastructure investments in a variety of jurisdictions across Europe. She also served as an investor director on a number of investee company boards.

Prior to her time at UBS Asset Management, Bronte was an executive director at UBS Investment Bank where she gained extensive experience as an advisor within the infrastructure sector. Bronte graduated with a Bachelor of Laws and Bachelor of Commerce from Murdoch University, Western Australia and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.

Richard is a senior financial services professional with over 30 years of international experience, specialising in Risk and Compliance. Richard is currently a non-executive board director and chair of the Risk Committee for Credit Suisse’s UK Private Bank and Wealth Management business. He also serves on their Audit, Nomination, and Remuneration Advisory Committees.

Before embarking as a board director, his executive career spanned a number of permanent and interim senior Chief Risk Officer and COO roles at USS, LSEG, Standard Chartered Bank, UBS and ING. Richard is a Chartered Accountant and holds a BA in Mathematics from Oxford University.

Sarah Bates, Chair of the USSIM Board, said: “I am very pleased to welcome both Bronte and Richard to the USSIM Board. Bronte brings a huge depth of knowledge of infrastructure and private markets sectors, while Richard brings a wealth of experience in risk, compliance and operations in banking and asset management. I am very much looking forward to working with them both.

“We will of course say goodbye to Chris and Tony properly in 2024, reflecting on the invaluable advice, guidance, and commitment they have given us.”

Bronte will become Chair of the USSIM Transaction sub-Committee on 1 February 2024 following Chris Rowlands’s retirement. Richard will become Chair of the USSIM Audit, Risk and Compliance Committee from 1 November 2024 following Tony Owens’s retirement, subject to FCA approval.

The USSIM Board is made up of executive and non-executive directors who, between them, hold a wealth of investment, financial and operational expertise that helps ensure the smooth governance and oversight of USSIM’s investment activities for the scheme and its members.