In a note to colleagues, seen by Financial News, he said he was leaving the firm to “pursue other opportunities”.
Hay was Kempen’s head of clients, responsible for both existing customers and developing Kempen’s position in the UK fiduciary market.
Hay confirmed his departure to Financial News and said he intended to stay within the pensions industry, but declined to give details on his next move. The company has not yet provided comment.
In February 2016, Kempen announced its managing director, Remco van Eeuwijk, was leaving to be chief risk officer at the Alberta Investment Management Corporation in Canada.
Hay, who has more than 25 years experience in the pensions and investment industry joined the fiduciary manager in October 2013. At that point, the business was the UK arm of MN, the third largest pensions and investment manager in the Netherlands. In October 2015, MN was acquired by Kempen Capital Management in October 2015.
Before joining MN, Hay was an independent trustee at Law Debenture and a director of institutional business at investment manager Martin Currie.