Wednesday, 1 July 2015
Last updated 8 hours ago
Sep 19 2012 | 12:47pm ET
Hermes Fund Managers has agreed to sell its pioneering activist hedge fund unit to RWC Partners.
RWC will pay a "small" amount for Hermes Focus Asset Management, which manages US$800 million. The decision to part ways with the 14-year-old unit came after the decision that "these funds no longer fit with our business," Hermes CEO Saker Nusseibeh told the Financial Times, and was driven by HFAM's dozen-strong team.
The acquisition will boost RWC's assets to about US$5 billion. RWC CEO Peter Harrison, who will take over at HFAM from David Pitt-Watson, told the FT he hopes to boost the unit's assets to US$2 billion in relatively short order.
HFAM was set up by Hermes founder Alastair Ross-Goobey in 1998.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…