Charlie Metcalfe, former deputy chief executive at Hermes, a UK-based fund manager, has been put in charge of Colonial First State Global Asset Management in Europe and North America.

Metcalfe has been given the job by Warwick Negus, chief executive of Colonial First State, Australia's largest asset management concern. He originally came to the attention of Negus at Goldman Sachs, where they both worked. Negus said: "We undertook an exhaustive search and the calibre of Metcalfe's appointment reflects our ability to attract the best candidates." Colonial First State, owned by Australia's Commonwealth Bank, looks after assets totalling £49bn (€72.2bn), of which £11bn is managed from the UK. Metcalfe said he expects to make the most of investment expertise employed in Australia. He said: "We have strengths in managing natural resources, precious metals, infrastructure and real estate securities which we want to offer elsewhere." Infrastructure is particularly high on his agenda. Colonial First State played a leading part in creating the Osprey consortium, which has just bought UK-based Anglian Water for £2.2bn. Colonial First State's UK-based global equity team has been strengthened and its UK offices are rated for expertise in Asia, emerging markets and China. Metcalfe is the latest executive to find a job after leaving Hermes, owned by the BT pension fund, in the wake of Mark Anson's appointment as chief executive in January. Former head of strategy James Walsh has become investment chief at Cornell University while one-time Hermes investment chief Nick Mustoe is head of equities at Swiss fund manager Pictet. They all played a role in putting together a strategy that will lead to the BT fund switching some of assets from equities to alternatives. The strategy has been enthusiastically adopted by Anson, who used to be investment chief at Calpers, the California state pension fund.