BT Pension Scheme (BTPS) has sold a 60 percent stake in U.K. asset manager Hermes Fund Managers to U.S.-based Federated Investors for £246 million ($350 million). An official announcement has not been released.
The deal has been approved by the boards of both organizations but is subject to regulatory approval.
Under the terms of the deal, BTPS will retain 29.5 percent of the business, with the remainder held by certain members of Hermes’ management team.
