Welcome to the website for Herald Investment Management Limited (HIML). These pages provide a brief introduction to HIML and details of the funds it manages, currently Herald Investment Trust (HIT), the Herald Worldwide Fund (HWF) and Herald Ventures LP (HVLP).
These pages are regularly updated to include up-to-date financial and performance data, but please feel free to contact us with comments, or to request further information. It is important that you read the notice below before proceeding, as it explains certain legal and regulatory restrictions which apply to the information contained in this website.
The information provided in this website is solely for use by individuals who are resident in the United Kingdom and are subject to UK tax and is not intended for, and should not be regarded as an offer or solicitation to sell investments in any jurisdiction other than the UK.
Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust (HIT) shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.
Stock market and currency movements may cause the capital value of shares and the income derived from them to go down as well as up, and investors may get back less than they invested. Past performance is not necessarily a guide to future performance. The value of any tax relief you may be entitled to will depend on your individual circumstances. Tax rates, and reliefs, as well as the tax treatment of PEPs, may be changed by future legislation.
This web site is approved for purposes of UK regulation, by Herald Investment Management Ltd (HIML). It is not to be considered as investment advice. Herald Investment Management Ltd is authorised and regulated by the Financial Services Authority.
Although we have taken reasonable care to ensure that the facts contained in these pages are accurate, no representation or warranty, express or implied, is made to its accuracy or completeness.
The information herein is not for distribution outside the UK. Under no circumstances should this information, or any part of it be copied, reproduced or redistributed. No rights of any kind are licensed or assigned or shall otherwise pass to persons accessing this information.
If you are in any doubt about any of the information contained herein please consult your stockbroker, solicitor, accountant or other professional adviser.
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Katie Potts is the managing director and also the lead fund manager for HIML. She established Herald Investment Management Ltd in December 1993 to manage Herald Investment Trust plc which was launched in February 1994.
Katie read Engineering Science on a GKN Group scholarship at Lady Margaret Hall, Oxford. She worked for five years in investment management at Baring Investment Management Limited, before joining S.G. Warburg Securities' UK electronics research team in 1988. The team was consistently voted top team in the Extel survey of analysts in the sector, and she was voted top analyst by finance directors of electronics companies canvassed by the Treasurer magazine. In addition Katie had responsibility within S.G. Warburg's UK research department for commenting on accounting issues.
She is supported in managing the funds by a team of six investment professionals and three consultants.
Fraser Elms joined HIML in May 2000. He has lead responsibility for the Herald portfolios' Asian exposure. He also has analytical responsibility for the global communications and networking industries. He has over twelve years of fund management experience and is Deputy Manager of the Herald Investment Trust.
Prior to joining Herald, Fraser was a technology analyst with Dresdner Kleinwort Benson, where he covered the European technology sector. Before this he worked at Prudential for three years as member of a team of three UK unit trust fund managers that managed £5bn in equities, with Fraser having lead responsibility for three funds collectively worth £400m. He graduated from Lancaster University with a degree in Economics and initially joined Prudential as a product manager for their Unit Trusts, before completing an MSc in Investment Analysis at the University of Stirling and re-joining Prudential in an investment role.
Taymour Ezzat joined HIML in November 2004. He is a portfolio manager on the Venture funds, sitting on the venture committee, and taking lead responsibility for a number of the investments in the venture portfolios. He also has analytical responsibility for the media sector across all Herald's quoted and unquoted portfolios.
Previously he spent a year appraising a number of venture capital opportunities for E.D. Capital Partners. Prior to that, Taymour had spent six years at Northcliffe Newspapers, the regional newspapers division of Daily Mail & General Trust (DMGT), latterly as Finance Director of its electronics publishing arm. Beforehand, Taymour worked for Reuters in London and Eastern Europe for four years. He qualified as an accountant with Price Waterhouse, and studied Economic History at the London School of Economics and Political Science.
Hao Luo joined HIML in 2004 and works with Fraser Elms managing the Far East portfolios. He also has analytical responsibility for the manufacturing sector globally. He obtained a BA in Economics from Hunan University in China and a Masters degree in Finance from Manchester University. He worked for J&A Securities in Shanghai from 2000-2002. Hao is a CFA charterholder.
Alastair Unwin joined HIML in 2011. Prior to joining Herald, Alastair was Innovations Project Manager at YouGov plc and Audit Associate at Deloitte and Touche LLP. He studied History at Cambridge University.
John Gulian joined HIML in 2011 as a graduate level analyst. He studied Engineering at the University of Warwick.
Fergus Argyle joined HIML in 2013. Prior to joining Herald, Fergus was an associate on the Multi-Asset team at Blackrock, covering global equities for absolute and relative return mandates. He trained at Blackrock as a global credit and small cap UK equity analyst. He studied Classics at Oxford University.
John Booth sits as a non-executive director of Herald Investment Management Ltd and acts as a consultant to the Herald Venture Partnerships. He is Executive Chairman of Link, an ICAP Group company, which he co-founded, and has spent his career in the equity markets culminating as Managing Director and Head of International Equities at Bankers Trust before establishing Link in 1997. In the investment sector he is also Chairman of Integrated Asset Management plc and a non-executive director of Oldfield Partners Ltd. He also serves as non-executive Chairman of Maintel Holdings plc and Jazz FM and holds a number of other non-executive directorships. He is a member of the Chancellor's Court of the University of Oxford and the Gereral Synod of the Church of England and is trustee of various charities.
Richard Cunningham is a consultant on the venture capital committee, and sits as a non-executive on a number of investee companies. He joined Project Telecommunications Ltd as Joint Managing Director in 1991 shortly after its formation and was responsible for finance, technology and operations. Project Telecommunications Ltd became a wholly owned subsidiary of Project Telecom plc which was floated on the LSE in 2000. Richard became the Group Finance Director. He was central to the growth of the company from its embryonic stage through its flotation in 2000 to its eventual sale in 2003. The company was acquired in September 2003 for £162m in cash by Vodafone plc. He left the company upon completion of its sale choosing to spend a significant proportion of his working month as a consultant to HIML on Herald Ventures II. Previously Richard was Vice President of Citicorp Investment Bank, specialising in European electronics and telecommunications having had experience of equity analysis and corporate finance at Citicorp Scrimgeour Vickers.
Aidan Paul is a consultant on the venture capital committee, and sits as a non-executive on a number of investee companies. He is the founder and CEO of Vtesse Networks Limited, a specialist provider of very high capacity optical networks. Aidan was formerly UK Managing Director for Alliant Partners, the technology M&A subsidiary of Silicon Valley Bank. Prior to that he was Director of Corporate Finance for Technology and Telecommunications at Robert Fleming. He held previous positions at the PA Consulting Group, BICC and GEC in consulting, product planning and design, in communications, optical and medical electronics. He is a Chartered Engineer and a Chartered Management Accountant.