BT Pension Scheme sells majority stake in Hermes
The BT Pension Scheme (BTPS) is to sell two-thirds of its interest in Hermes Fund Managers, the investment company it founded 35 years ago, to American asset manager Federated Investors for £246m.
Under the deal announced today, the BTPS will see its interest in Hermes slashed from 89.5% to 29.5%, with the 60% transferred to Federated Investors through a combination of cash and an existing revolving...
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