Andrew Joy (Chairman)

Andrew Joy was appointed to the board on 1 October 2022 and became Chairman of the board and the nomination committee on 18 April 2023. Andrew is a senior advisor of Stonehage Fleming, a leading international multi-family office and chairman of the investment committee of FPE Capital.

Andrew was one of the founding partners of Cinven a leading private equity firm investing in Europe and U.S. and has been chairman or director of numerous growth companies over the past 30 years. He was previously chairman of the British Venture Capital and Private Equity Association and The Biotech Growth Trust plc and a director of the European Venture Capital Association. He is highly regarded for his extensive knowledge of the financial sector and of the high-growth part of the smaller company sector.


Stephanie Eastment

Stephanie Eastment was appointed to the board on 1 December 2018 and is chair of the audit committee. After leaving KPMG in 1990 she held various accounting and compliance roles at Wardley and UBS before joining Invesco Asset Management in 1996. There she held a variety of increasingly senior roles, specialising in investment trusts. She left Invesco in July 2018 to pursue a non-executive career. Stephanie is currently a non-executive director and audit chair of Murray Income Trust plc, Impax Environmental Markets plc and Alternative Income REIT plc and a non-executive director of RBS Collective Investment Funds Limited.

She has extensive accounting, corporate governance and investment trust sector experience. As a chartered accountant and company secretary she has honed her technical expertise, knowledge and contacts within the industry and provides constructive oversight and challenge not only as a director, but as the audit committee chair.


Priya Guha MBE

Priya Guha MBE was appointed to the board on 13 December 2023. She has a portfolio of roles across the global and UK technology and innovation landscape including as a non-executive director at UK Research & Innovation and Digital Catapult, a venture partner at Merian Ventures, a San Francisco based venture capital fund, and an advisor to various start-up companies including Kheiron Medical Technologies and Gallos Technologies. She is also a non-executive director at Reach PLC. She has significant knowledge of the global technology sector and valuable experience in both public and private sectors.


Henrietta Marsh

Henrietta Marsh was appointed to the board on 1 September 2019. She has a background in fund management, having worked in UK small cap and private equity investment over several decades, more recently pursuing a plural career. From 2005 until 2011, she was AIM fund manager at Living Bridge Equity Partners. Prior to that, Henrietta spent 14 years at 3i in several roles, including as fund manager of 3i Smaller Quoted Companies Trust plc (1997–2002).

Her earlier career was with Morgan Stanley and Shell. She is currently a non-executive director of Gamma Communications plc (AIM-listed). She has direct experience and understanding of the investment process required in the Company. She takes the lead on the board in reviewing HIML’s stewardship approach.

Christopher Metcalfe

Christopher Metcalfe was appointed to the board on 24 April 2024. He is currently chairman of the Martin Currie Global Portfolio Trust, senior independent non-executive director at JP Morgan US Smaller Companies Investment Trust and a non-executive director of Columbia Threadneedle UK Capital and Income Investment Trust. He was previously a non-executive director of abrdn Smaller Companies Income Trust until its merger with Shires Income in December 2023.

He has considerable investment management experience having worked previously at Newton Investment Management (2006-2017), Schroder Investment Management (1995-2006) and Henderson Administration Group plc (1985-1994).


James Will

James Will was appointed to the board on 21 April 2015 and became senior independent director on 20 April 2021. He was previously chairman and a senior corporate finance partner of law firm Shepherd and Wedderburn LLP. He also headed the law firm’s financial sector practice. As a lawyer, he was for over 20 years involved in advising smaller quoted technology companies on a range of corporate transactions, including IPOs, secondary fundraisings and mergers and acquisitions. James is chairman of Asia Dragon Trust plc and was previously chairman of The Scottish Investment Trust plc and a non-executive director of JP Morgan Global Growth & Income plc.

He has significant investment trust experience and in an environment of increasingly complex legal and regulatory framework, his legal counsel has a valued contribution. He has taken the lead ensuring the Company’s legal agreements are in line with best practice.





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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