Tuesday, 5 May 2015
Last updated 11 hours ago
Feb 4 2010 | 12:05pm ET
Hermes Fund Managers is extending its performance fee clawback provision to all of its products, after instituting the policy at its fund of hedge funds unit last year.
The move by Hermes, which is owned by British Telecom’s pension fund, comes as the firm seeks to attract some £15 billion from third parties over the next five years, Reuters reports. Hermes BPK Partners, the fund of funds arm, last year announced that it would collect its performance fees for a given year over a three-year period, with the firm forfeiting any installment due during a year when a fund underperforms.
That structure will now cover all of Hermes’ funds, which include real-estate and private equity offerings.
“We are not going to receive the performance fee in one lump sum. We receive a third only,” Saker Nusseibeh, chief investment officer, told Reuters. “Only if we meet or beat benchmark the following year, do we receive the next third and again for the following year.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…