Tommy Martin

Hermes Brings in 5 Billion Pounds within Next Five Years

Hermes BPK Partners, the fund of hedge funds linked to Britain's largest pension scheme, wants to bring in 5 billion pounds in assets within the next five years, the firm's CEO said on Tuesday.

Hermes BPK currently manages about $1.3 billion for the BT Pension Scheme (BTPS), its only client. Matteo Dante Perruccio told Reuters the boutique firm now wants to attract new assets from other corporate and local authority pension funds.

Perruccio, a founder of Hermes BPK, also chairs a new committee of fund of hedge fund managers, which aims to improve links with the underlying hedge funds in their portfolios.

Hermes BPK is a partnership between its managers and Hermes, the asset management company wholly-owned by 30-billion-pound BTPS. Hermes is increasingly seeking to sell its investment products and services to third parties.

The BTPS fund of hedge funds' investments are split between a restructuring opportunity mandate, including distressed credit and a diversified low-volatility mandate.

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