Alternative asset manager Hamilton Lane announced last week that it has appointed Erik Hirsch and Juan Delgado-Moreira as the new co-CEOs of the firm. They will officially assume those roles on Jan. 1.
The two are taking over for Mario Giannini, who had served as the Conshohocken, Pa.-based firm’s CEO for 22 years, according to a firm spokesman. After he steps down as CEO, Giannini will serve with Hartley Rogers as executive co-chairman of the board. Rogers has been board chairman since 2005.
The firm said it elected to go with two CEOs as opposed to one because of the continued growth of the firm.
“Over the past three decades, Hamilton Lane and its businesses have expanded in size, complexity, and reach,” the firm said in a statement. “We believe Erik and Juan's combined capabilities and leadership bring a broader set of perspectives to the firm and more strongly position us to capitalize on many compelling opportunities to enhance profitability and scale.”
The two will divide responsibilities evenly based on their experience, the firm said. Delgado-Moreira will primarily focus on leading Hamilton Lane’s global sales efforts and client service organization. Hirsch will lead the firm’s strategic direction and manage its operations.
“The two of them will jointly manage the global investment team,” the firm said. “They will be a first-rate team promoting excellence in investment strategy, value creation for clients and shareholders, innovation, and day-to-day management of the firm as it expands.”
Hirsch has been with Hamilton Lane since 1999 and is based in the firm’s home office in Conshohocken. He currently leads the firm's strategic and technology initiatives. He also serves on the firm's investment committee and is a member of the board of directors. Previously, he served as the chief investment officer from 2003 to 2016.
Delgado-Moreira, who is based in Hong Kong, has been with the firm since 2005. He is a member of the investment committee and supervises international investments and client relationships. His priority is to increase Hamilton Lane’s reach beyond the U.S., according to the firm.
Meanwhile, Giannini will transition to co-chairman of the board with Rogers in a move that the firm said made sense to keep both involved.
“This was ultimately the best decision for Mario and Hartley to stay active within the firm—having availability to spend time with clients and retaining a strong focus on first-rate service, a touchstone of Hamilton Lane’s core business,” the firm said.
Hamilton Lane said that the leadership changes were done with an eye toward a more technologically-involved and global future. The firm believes that the incoming CEOs will help the firm toward that new future.
“What can be expected is that the combined capabilities and leadership of Erik and Juan will bring a broader set of perspectives to the firm and more strongly position us to capitalize on many compelling opportunities to enhance profitability and scale around the globe,” the firm said.