IST Investment Foundation for Pension Funds, Zurich, hired Hermes Fund Managers as subadviser of a $120 million North American smidcap equity portfolio, according to Hanspeter Vogel, head of products at IST.
The mandate is new.
IST is a non-profit, independent trust for pension funds in Switzerland with about 5.9 billion Swiss franc ($6.3 billion) in assets, Mr. Vogel said in an e-mail.
Hermes, which is owned by the £35 billion ($56 billion) BT Pension Scheme, London, managed about £23.3 billion on behalf of 170 clients as of Sept. 30, according to information provided by the firm.
Within the North American smidcap strategy, assets under management total about $900 million, including the IST mandate.