Hermes Plans US Hedge Fund Expansion

Filed in archive Hedgetalk on June 13, 2008

Photo courtesy of iStockphoto, Alex Slobodkin

Leading UK investment manager, hermes Fund Managers Limited (Hermes), with an anticipated £23 billion ($45 billion) in assets under management, announced the appointment of US hedge fund manager Northern Trust, to provide middle office outsourcing fund administration and custody.

The middle office also plans to include the UK's largest Pension Scheme ("BTPS"), which will be in excess of £45 billion ($88 bilion). "Northern Trust was appointed following a rigorous selection and due diligence process from a short-list of two providers." Rupert Clarke, Chief Executive of Hermes said, "Outsourcing these functions is consistent with our strategy of focusing on growing a specialist investment management business."

More at; US Hedge Fund to Manage $88 Billion in UK Outsourcing Funds