UK/EUROPE - Independent investment manager Hermes has launched a new active European Smaller Companies fund.
The fund is being seeded by the British Telecom Pension Scheme (BTPS) - which owns Hermes - with over £170m, making it one of the largest of its kind in the UK.
Director of European equities Greg Allen, who has been at Hermes since 1995, will head the fund.
Allen said: In the last two years, European small caps have been performing at least as well as European large caps. In fact we expect the small caps to outperform the large caps in the near future and this is why we have decided to raise our exposure to this asset class as a single fund.
Hermes has also made a further two appointments to manage the fund. Both Sylvia Solomon and Tracy Collins join from Baring Asset Management as investment manager and senior investment analyst respectively. Both report to Allen.
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