BT Pension Scheme (BTPS) has pulled its inflation-linked bond mandate from Hermes Investment Management, cutting assets under management (AUM) at the business - which it still owns - by more than a quarter.
The scheme will manage the £8.4bn portfolio passively in-house as part of plans to cut costs. The telecoms scheme's decision will mean the assets run by Hermes - set up in 1983 to manage the sch...
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