UK - Hermes is launching a new partnership amalgamating Hermes Focus Asset Management and Hermes Focus Asset Management Europe into a single partnership structure from January 2009.
Rupert Clark, chief executive, Hermes, said: "I am delighted to announce the new partnership, which provides clients with an enhanced offering, while ensuring that executives are well-incentivised to deliver strong performance.
"The new LLP is consistent with our overall strategy to have a multi boutique structure working alongside specialist investment management teams."
Hermes said the partnership would be owned jointly by Hermes and its executives, aligning their executives with the long term interests of clients.
The company has appointed Stephen Howaldt and Wouter Rosingh as managing partners, who will lead the new partnership together with Paul Harrison.
Hermes said it expected more than 10 senior executives to become equity partners. The board overseeing the partnership would include Hermes and BT Pension Scheme (BTPS) representatives and outside non-executive directors and partnership executives.
In June, Hermes appointed Northern Trust as outsource provider in its first move to subcontract the function. Northern Trust was previously fulfilling the service in-house.
Hermes has £36.2bn (US$71.5bn) under management and is 100% owned by BTPS.
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