Tuesday, 29 July 2014
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…