Hermes Fund Managers has made a step forward in its development to become a multi specialist asset manager with the recruitment of a global equities team.
Joining from Fortis, the Boston-based team of six is led by Lode Devlaminck and John Chisholm and has an average of 19 years of investment experience.
The recruitment of the team will provide Hermes with the expertise to build a core active global equity business which will be structured as a specialist investment partnership.
Hermes will own the majority share but the partners and employees will have a stake in both the long-term profitability and the enterprise value of the business.
Following approval from the SEC, the team will initially focus on the requirements of the BT Pension Scheme but will also be looking to market this new capability to institutional third parties. BTPS will provide a cornerstone investment of USD500m.
Hermes believes there are significant opportunities for global equities as the long term trend to shift exposure from domestic to global equity mandates continues and as clients seek alpha driven strategies that provide excess returns to complement passive beta exposures.
Chisholm says: “We are delighted to have joined Hermes, we feel that the culture and environment of Hermes fits us well and the long-term approach is well aligned with our approach to managing money”.
Rupert Clarke (pictured), chief executive of Hermes, says: “We have clearly stated that we are looking to build strong propositions on the asset management side and that we will pursue a strategy of team acquisitions where we do not currently have capability. The recruitment of this team, which follows the successful establishment of Hermes BPK, represents another crucial step in the development of our business strategy. We are very pleased to have recruited an excellent team with a compelling track record.”
