Our team covers a wide range of skills and has an impressive depth of experience gained from working at a senior level in investment, asset management and search companies.
Non-Executive Director Search
Susan Murray
Susan joined Trust Associates in February 2009, after a career in the investment management sector. She focuses on providing consultancy work to a range of clients principally on succession planning and board composition projects.
Her executive career included marketing and business development roles at The Stock Exchange, The WM Company and Baillie Gifford. She was formerly a main board director of Glasgow Investment Managers, a boutique asset manager, where she was responsible for client relationships and marketing for institutional and retail clients including three investment trusts. As Chair of Sutherland Holdings, the holding company for Glasgow Investment Managers, she also had responsibility for the successful sale of the company to Aberdeen Asset Managers in 2007.
Susan has also been a non-executive director and trustee and is currently a senior adviser to a specialist M&A business and an Investment Committee member of the Melville College Trust.
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Nigel Down
Nigel joined Trust Associates in 2019. He was formerly Head of European Client Service at SEI Investments for 17 years where he helped to set up and grow their fiduciary management investment solutions business in the UK. He worked closely with the Trustee Boards of a wide range of pension schemes with the primary aim of improving their funding levels and governance.
Previously he worked for Gartmore Investment Management as Head of Client Service, responsible for their relationships with large institutional clients in the UK and for Thornton Management (Asia) in Hong Kong marketing the firm’s investment products to institutional investors in Asia and North America. Nigel was a trustee of the charity, PSP Association for 7 years.
Stephen Pull
Stephen joined Trust Associates in 2012. He was Chairman of Corporate Broking at Nomura between 2008 and 2011 following their acquisition of Lehman Brothers Europe, for whom he worked from 2002 as Head of Corporate Broking and then Chairman of Corporate Broking. He has also held a number of other senior roles in the City including Managing Director of Corporate Broking at Merrill Lynch and Head of UK Equity Sales at BZW. During his City career, Stephen advised FTSE 100 and FTSE 250 companies on a wide range of issues including capital raising, M&A and relationships with shareholders.
Stephen has been a non-executive director of several public and private companies.
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Lizzie Fraser
Lizzie joined Trust Associates in 2019, providing administrative and research support to both the non-executive director search and board advisory sides of the business.
Lizzie previously spent 17 years in the asset management industry, working for SEI Investments’ institutional business where she led the transition management team for EMEA and Asia, and latterly was director of the Solutions Team.
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Board performance evaluation and investment company directors’ fee reviews
Richard Clarke
Richard co-founded Trust Associates in 2002 and since then has been involved in a wide range of projects including board evaluations, directors’ fee appraisals and strategic research.
He was formerly UK Retail Marketing Director at Mercury Asset Management and before that Head of Advertising and Direct Marketing with M&G Group.
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Victoria Clarke
Victoria has worked alongside Richard on board performance reviews since 2019. She has led the communications strategy at several organisations in private, public and international development organisations in the UK, South Africa, the Netherlands and the US, as well as having a background in qualitative research.
Victoria has run a consultancy business in the global health and international development sector, primarily supporting business and strategic development for international non-profit organisations. She holds an MSc in Public Health.
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