UK - Hermes UK Small Companies Focus Fund became operational this week.
The fund started raising money from investors last November and will now begin to invest in 20-30 under-performing companies outside the FTSE350.
Head of the fund Paul Harrison said that it was still looking to grow the fund up to the level of £75m-£100m over the next two years with additional investments from investors. There is a minimum investment of £5m and a maximum of £15m.
The BT Pension Scheme, which owns Hermes, has already committed £15m to the fund.
The fund will use the shareholder engagement strategy currently used in the Hermes UK Focus Fund, which has invested in FTSE350 companies for the last three years.
Hermes chief investment officer Tony Watson said: “The small companies sector suffers from a lack of research and general neglect from the investment community.
“This new fund presents considerable opportunities for out-performance for those who understand this specialist market.” By David Rowley
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.