Business & Tech

Grantham Mayo hires new CEO, plans climate change fund

The Boston investment firm Grantham, Mayo, Van Otterloo & Co. has named Scott Hayward as its new chief executive.

Hayward will join GMO in February, succeeding Peg McGetrick, who has been serving as interim chief executive since Brad Hilsabeck stepped down in June. Hilsabeck’s departure as chief executive came amid staff cuts and heavy fund outflows at the firm, known for its emphasis on value investments and its famously pessimistic co-founder, Jeremy Grantham.

Hayward comes from Quantitative Management Associates of Newark, where he served as chief executive for 11 years. His appointment may indicate that GMO will put more emphasis on quantitative investment strategies — which rely on algorithms and computer models — over fundamental research on stocks and bonds. The company says it will use both quantitative and fundamental approaches in its investments.

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“This is an incredible opportunity and I look forward to working with such an accomplished team to bring the best of GMO’s fundamental and quantitative capabilities to bear on behalf of our clients,” Hayward said in a statement.

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GMO said it plans to launch a series of investment strategies that focus on climate change. The firm said it will launch a Climate Change Fund in the first quarter of this year, targeting companies focused on climate change mitigation and adaptation.

“Global warming will be the most important investment issue for the foreseeable future,” Grantham said in a statement.

The company also said it has hired Andy Martin of the investment research firm Cambridge Associates to fill the newly created role of head of investment teams. Martin was most recently a managing director in the nonprofit practice and global head of hedge fund research.

Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.