UK - Hermes Focus Asset Management Europe HFAME has appointed a new investment director for its European Focus Fund.
It means Bertrand Biragnet will replace Marco Ricci from 1 July 2007, although Ricci will remain a member of HFAME's Investment Committee.
The Hermes European Focus Fund is a shareholder engagement portfolio that works with the boards of public companies to help them deliver higher returns for their shareholders.
The fund has 23 investors which are some of the world's biggest pension funds including the BT Pension Scheme, Cordares, CalPERS, PGGM, PME and PensionDanmark.
HFAME said as an active shareowner it does not follow a speculative, "absentee landlord" approach where investors “walk away” from problem companies. It believes value can be created if shareowners engage actively with the boards of the companies they own, especially when things are not going well.
Biragnet has been a Director at HFAME since 2004. Prior to joining Hermes, he had nine years investment management experience, working with JP Morgan in London and Paris.
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