UK - Hermes Focus Asset Management (HFAM) has introduced the new Focus Fund for quoted small companies.
The new fund will invest in under-performing companies outside the FTSE350 and use relational shareholder engagement techniques to improve long-term value and thereby return above average performance to investors.
HFAM has recruited Paul Harrison to be head of the focus fund. Harrison spent 10 years with Arthur Anderson and most recently six years with sporting goods company HI-TEC Sports.
Philip Harris joins HFAM next month as head of investments for the new fund. Harris joins form Credit Suisse Asset Management where he was head of the small companies’ funds.
Hermes Focus Fund will invest in 20-30 fully listed UK companies outside the FTSE 350 and has a target size of £75-£100m. BT Pension Scheme has committed £15m to the new fund, which will start investing early next year.
Because of the limited size of the fund initial investments will be limited to a maximum of £15m each and priority will be given to Hermes' current institutional clients. Minimum investment will be £5m.
By Janet Du Chenne
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.