UK - Hermes Fund Managers has hired a six strong global equities team from Fortis.
The Boston-based team, led by Lode Devlaminck and John Chisholm, have an average of 19 years of investment experience.
Hermes said the appointments were a significant step in its drive to become a multi specialist asset manager.
The team will be structured as a specialist investment partnership. Hermes will own the majority share but the partners and employees will have a stake in both the long-term profitability and the enterprise value of the business.
Following approval from the SEC the team will initially focus on the requirements of the BT Pension Scheme but will also be looking work with other institutional investors.
BTPS will provide a US$500m initial investment.
Hermes said: "There are significant opportunities for global equities as the long term trend to shift exposure from domestic to global equity mandates continues and as clients seek alpha driven strategies that provide excess returns to complement passive beta exposures.
"This belief is reflected in the strategy for BTPS."
Hermes chief executive Rupert Clarke said: "We have clearly stated that we are looking to build strong propositions on the asset management side and that we will pursue a strategy of team acquisitions where we do not currently have capability.
"The recruitment of this team, which follows the successful establishment of Hermes BPK, represents another crucial step in the development of our business strategy. We are very pleased to have recruited an excellent team with a compelling track record."
Chisholm added: "We are delighted to have joined Hermes, we feel that the culture and environment of Hermes fits us well and the long-term approach is well aligned with our approach to managing money".
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