US asset manager Federated Investors is taking a 60% stake in Hermes Fund Managers for £246m ($352m), funded through cash and a revolving credit facility. The deal leaves BT Pension Scheme (BTPS) with a 29.5% stake and Hermes management team members with 10.5%. Hermes will remain in London with no loss of headcount, said DonahueChristopher Donahue, CEO of Federated Investors. Christopher Donahue said Hermes' relationships in Europe and Asia will broaden Federated's distribution capabilities. Federated plans to introduce new products for US investors based on Hermes' expertise once the deal has completed.
US asset manager Federated Investors is taking a 60% stake in Hermes Fund Managers for £246m ($352m), funded through cash and a revolving credit facility. The deal leaves BT Pension Scheme (BTPS) with a 29.5% stake and Hermes management team members with 10.5%. Hermes will remain in London with no loss of headcount, said Christopher Donahue, CEO of Federated Investors. Donahue said Hermes' relationships in Europe and Asia will broaden Federated's distribution capabilities. Federated plans to introduce new products for US investors based on Hermes' expertise once the deal has completed.