Forbes – Hermes, the fund manager owned by the BT Pension Scheme, has put on hold plans to restructure its activist Focus funds following the significant underperformance of its main European fund, the firm said in a letter to clients.
In the note seen by Reuters the fund firm said that as a result of the underperformance of the Hermes European Focus Fund (HEFF) chief executive Stephan Howaldt and managing director Wouter Rosingh would be leaving and will be replaced by John Havranek, head of the pan-European active engagement fund at Henderson.
