Hermes Fund Managers has been awarded a $120 million (€93 million) sub-advisory mandate by Switzerland's IST Investment Foundation for Pension Funds.
The fund, a non-profit organisation and independent trust for pension funds, is investing in Herme's US small and midcap investment strategy.
IST manages 5.7 billion Swiss francs (€4.7 billion) on behalf of its 560 clients.
This new mandate brings total assets under management in the Hermes US small and mid cap strategy to nearly $900 million.
Hanspeter Vogel, head of products, IST Investment Foundation for Pension Funds, says the US small and mid cap strategy was attractive because of its long-term investment horizon.
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