Hermes Fund Managers has landed a $120 million sub-advisory mandate from the IST Investment Foundation for Pension Funds (IST) in Switzerland.
The new mandate will be overseen by the London-based investment firm’s US Small and Mid-Cap strategy team. It brings the total assets under management for this unit to nearly $900 million.
IST is a non-profit organisation and the largest independent trust for pension funds in Switzerland. It manages CHF 5.7 billion (€4.7 billion) on behalf of 560 clients.
The award of the mandate for the US Small and Mid-Cap team comes just two months after a Ucits-compliant version of the existing €700 million US strategy was launched by Hermes.
Commenting on the award, Robert Anstey, lead manager of the Hermes US Small and Mid-Cap strategy, said: ‘We are delighted to work with an institution of IST’s standing and feel that their clients’ long-term investment horizon is a perfect match with the way we invest in US small and mid-caps.’