Ian Russell (Chairman)

Ian Russell was appointed to the board in August 2018 and became chairman on 16th April 2019 (Julian Cazalet resigned as chairman/board director on 16th April 2019). He qualified as a chartered accountant, moving on to work in a number of finance roles in industry and banking. He joined Scottish Power plc in 1994, initially as Finance Director, becoming CEO in 2001, a role he held until 2006. Since then, he has concentrated on non-executive roles. Currently he is Chairman of HICL Infrastructure Company Limited and 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.

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.

Stephanie Eastment

Stephanie was appointed to the board in December 2018 and is chair of the audit committee. She qualified as a chartered accountant, moving on to hold various accounting and compliance roles at Wardley and UBS before joining Invesco Asset Management in 1996. When she left Invesco in July 2018, she was Head of Specialist Fund Company Secretariat and Accounts. Stephanie is a non-executive director and audit chair of Murray Income Trust plc.

Henrietta Marsh

Henrietta was appointed to the board in September 2019. She has a background in fund management, having worked in UK small cap and private equity investment over several decades, recently pursuing a plural career. From 2005 until 2011, she was AIM fund manager at Living Bridge Equity Partners. Prior to that, she spent 14 years at 3i in several roles, including as fund manager of 3i Smaller Quoted Companies Trust plc (1997–2002). Her early career was with Morgan Stanley and Shell. She is currently a non-executive director of Gamma Communications plc (AIM listed), a trustee of 3i Group plc’s pension fund and a member of London Stock Exchange’s AIM Advisory Group.

Karl Sternberg

Karl Sternberg was appointed to the board in 2015. He was a founding partner of 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 Logistics REIT 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 Will 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 fundraising and mergers and acquisitions. James is chairman of The Scottish Investment Trust plc, and a non-executive director of Edinburgh Dragon Trust plc.





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.

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 notices below before proceeding, as they explain 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 who are subject to UK tax; it is not intended as, 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 for them to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust Plc 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. Current tax rates and reliefs may be changed by future legislation.

This website has been approved for purposes of UK regulation by Herald Investment Management Ltd which is authorised and regulated by the Financial Conduct 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 as to their accuracy or completeness. The contents of the website are not to be considered as investment advice.

The information on this website 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 on this website please consult your stockbroker, solicitor, accountant or other professional adviser.

About Cookie Settings
We use cookies to ensure that we give you the best experience on our website. If you wish to restrict or block web browser cookies which are set on your device then you can do this through your browser settings; the Help function within your browser will tell you how.

Authorised and Regulated by the Financial Conduct Authority
© Copyright & Disclaimer