It was announced in August that Smits would succeed Helena Morrissey as chief executive of Newton Investment Management.
Dunstan, currently secretary of Level 20, will take up her new role in January 2017, after which time Smits will continue to support the organisation. Both women are among Level 20’s 12 founders.
Dunstan’s appointment follows that of the organisation’s first chief executive, Jeryl Andrew, who took up this role in October 2016.
In July Level 20 secured funding from 29 private equity firms in the European market.