Adrian Waters (Chairman) (Irish)

Adrian is a resident in Ireland and is a fellow of The Institute of Chartered Accountants in Ireland. He is the principal of Fund Governance Solutions, an independent funds consultancy. He has over 20 years’ experience in the offshore funds industry. From 1993 to 2001,  he held various executive positions within The BISYS Group, Inc. (now part of the Citi Group), including chief executive officer of BISYS Fund Services (Ireland) Limited and finally as Senior Vice President – Europe for BISYS Investment Services out of London. From 1989 to 1993, he was employed by the Investment Services Group of PricewaterhouseCoopers in New York and prior to that by Oliver Freaney and Company, Chartered Accountants, in Dublin. He is an independent director of several other offshore funds.

David Boyle (British)

David worked for Morgan Grenfell from 1965 to 1982 in a number of capacities including corporate finance and, from 1977, asset management. In 1982 he joined the investment management subsidiary of Rowe & Pitman and, following that firm’s merger with Mercury Securities in 1986, became a director of Mercury Asset Management plc.  He retired in 1997 and is currently a director of and shareholder in the parent company of the Investment Manager and other investment companies, a pro-chancellor of Essex University, deputy chairman of Essex Community Foundation, and holds other voluntary sector posts.

William Backhouse (British)

William qualified as a chartered accountant. He joined the corporate finance department of Barings in 1970 and from 1984 until he retired in 1993, he was a director of Baring Asset Management. He is chairman of Thames River Multi Hedge PCC . Mr Backhouse is a shareholder in the parent company of the Investment Manager.

Michael Boyce (Irish)

Michael is a resident in Ireland and acts as an independent director and a consultant to a number of Irish collective investment schemes. Prior to this, he was an executive director of Northern Trust Investor Services (Ireland) from 1990. He has worked in the financial services industry for over 30 years including stockbroking, investment management and fund administration. He holds a Diploma in Corporate Governance from the Michael Smurfit School of Business at University College Dublin. He is a member of the Chartered Institute for Securities and Investment, the Institute of Directors Ireland, as well as the Corporate Governance Association of Ireland.



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 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.

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