Hermes Pensions Management on Thursday morning will announce replacements for Peter Butler, former head of corporate governance, and Steve Brown, former managing director of investments at Hermes Focus Asset Management. The appointments are likely to come from within the firm, said Nick Denton, Hermes spokesman.
Messrs. Butler and Brown left the firm Tuesday after a boardroom dispute over "the independence and long-term strategy of the firm" and a request by the two men for an equity stake in HFAM, Mr. Denton said.
HFAM, with £1.4 billion ($2.56 billion) in assets under management, is the corporate governance subsidiary of Hermes Pensions Management, which manages £46 billion, including the majority of assets for major U.K. pension plans such as the Consignia scheme, London. Christine Gregory, Consignia spokeswoman, said £30 million of the plan's £15 billion is invested with HFAM.