Julian Cazalet (Chairman)

Julian was appointed to the Board in 2008 and became Chairman in 2009. He was managing director – corporate finance at JPMorgan Cazenove until his retirement in December 2007. A chartered accountant, he joined Cazenove in 1973 and was made a partner in 1978. From 1989 he worked in corporate finance and advised investment trusts in addition to his work with industrial and commercial companies. He is a chairman of The Lindsell Train Investment Trust plc and a director of Deltex Medical Group plc, Private Equity Investor plc and a number of charitable trusts.


Tom Black

Tom Black was appointed to the board in 2013. He is chairman of Thruvision Group plc (formerly Digital Barriers plc), and is a non-executive director of Adept4 plc. He also has advisory roles with a number of smaller unlisted businesses and sits on the strategy advisory group of Wolfson College Oxford. He is chairman and trustee of the Black Family Charitable Trust, which is focused on supporting disadvantaged young people with their educational needs. He was previously chief executive of Detica Plc, a leading company in the field of large-scale information collection and analysis for intelligence and counter fraud applications. Tom is the senior independent director.


Karl Sternberg

Karl was appointed to the board in 2015. He was a founding partner of the successful fund management company Oxford Investment Partners Limited from 2006 until 2013, when it was acquired by Towers Watson. Much of his earlier career was spent at Morgan Grenfell (which became Deutsche Asset Management), where he rose to become Chief Investment Officer, Europe & Asia Pacific. Karl is a non-executive director of Clipstone Land plc, Monks Investment Trust plc, Lowland Investment Company plc, Alliance Trust plc, JP Morgan Elect plc, Island House Investment LLP, Jupiter Fund Management plc and Railpen Investments.


James Will

James was appointed to the board in 2015. He was until 2014 chairman and a senior corporate finance partner of law firm Shepherd and Wedderburn LLP . He also headed the law firm’s financial sector practice.  Over the last 20 years he has been involved in advising smaller quoted technology companies on a range of corporate transactions, including flotations, secondary fundraisings and mergers and acquisitions. James is a non-executive director of The Scottish Investment Trust PLC, and is chairman of Herald’s audit committee.


Ian Russell

Ian was appointed to the board in 2018. He qualified as a chartered accountant and joined Scottish Power plc in 1994, initially as Finance Director, becoming CEO in 2001, a role he held until 2006. Since then, Ian has concentrated on non-executive roles. Currently he is Chairman of HICL Infrastructure Company Limited and a non-executive director of Aberdeen Diversified Income and Growth Trust plc and of Mercantile Investment Trust plc. He is also Chair of the Scottish Futures Trust Limited, an independent company established by the Scottish Government with a responsibility for delivering value for money across public sector infrastructure investment.


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 Plc, the Herald Worldwide Technology Fund and two venture capital limited partnerships.

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