Tuesday, 1 December 2015
Last updated 22 min 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.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…