Listed BMO Private Equity Trust today announced Mark Tennant will retire as chairman following the completion of the trust’s 2022 AGM, expected on 26 May 2022.

The £356.7 million closed-ended fund has found a successor in the form of Richard Gray (pictured), who joined the board in March 2017.

Upon the retirement of Mr Tennant, Mr Gray be appointed chairman of the company.

Mr Tennant joined the board in February 2009 and was appointed chairman in May 2010. BMO said he has provided the company with strong leadership and wise counsel, with the company benefiting from his knowledge of the financial sector developed from a distinguished career in the City of London.

Elizabeth Kennedy, chair of the company’s audit committee, said in a statement: “Mark Tennant’s contribution to the success and growth of the Company has been immeasurable. In addition, he has been a passionate advocate of increasing investor awareness to the benefits of private equity investment.”

Incoming chairman Mr Gray is a career investment banker with extensive capital markets and corporate finance experience. He has worked previously with Lazard, Charterhouse and UBS and was vice chairman of Panmure Gordon. Furthermore, he is a director of Zeus Capital, a non-executive director of CVS Group, an independent director of Alpha Real Capital and Vice chairman of Invescore Group.