UK - Rupert Clarke has been confirmed today as the chief executive of Hermes, the asset manager owned by the BT pension fund, but fresh expansion plans for the group mean a new management team is being created to take responsibility for BT's pension fund.

Clarke has been acting ceo since former ceo Mark Anson resigned four months ago, and has been delivering on this new position alongside his existing duties towards the real estate operation.

As a result of his appointment today, a search for a new ceo of Hermes Real Estate is now underway.

Perhaps as importantly, the asset manager - wholly-owned by the £40bn (€56.3bn) BT pension fund - is investing £50m in a new investment strategy to support systems, risk and operational platforms, but is spinning off a team to specifically look after the pension fund's investment needs as a result.

A significant part of this investment process will include the expansion of third-party marketing, distribution and client servicing, as well as funding to seed new investment products and acquire new investment teams and individuals.

Nigel Labram will head up the pension fund management team, having served as head of strategy and alternatives, to deliver BTPS' strategic needs, and so Hermes asset management can focus on third-party delivery.

Hermes currently has assets under management of £52.4bn to the end of September, on behalf of 240 institutional clients, including pension funds.

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