Financial Times – Hermes, the asset manager of the BT pension scheme, is proposing a radical investment switch that could dramatically reduce the exposure of the UK’s largest pension fund to the UK stock market in favour of overseas stocks and alternatives such as commodities and hedge funds.
Mark Anson, in his first interview as chief executive of Hermes and primary adviser to the BT pension scheme, owner of Hermes, said he had proposed a new asset allocation for the BT retirement scheme, which has about £34bn ($63bn) in assets.
The switch would be part of a programme to help reduce the risk that BT’s pension scheme could not meet its promises to employees and pensioners.
