Its £550m investments in private equity, of which £56m belong to the BT Pension Scheme, will now be taken on by European private equity specialist Bridgepoint.
Rupert Clark, chief executive of Hermes, said: “Where existing activities cannot be developed to their full potential within Hermes, we have moved these assets to third-party managers. This is a strategic move, allowing us to increase the focus on private equity fund-of-fund activities that best meet our clients needs, while transferring the management of our direct private equity to an excellent home.”
Hermes and the BT Pension Scheme had been investing through Bridgepoint for nine years before this deal was struck.
The fund that Bridgepoint takes on focuses on the smaller buyout market across Europe.
