Hermes Fund Managers, owned by the BT Pension Scheme, the largest pension fund in the United Kingdom, has £23.3 billion (€26.9 billion) of assets under management. Hermes has been at the forefront of moves to enhance investment performance and accountability through the early adoption of tactics in the investor activism, responsible investment and corporate governance areas — tactics that are now widely agreed to form part of an investment manager’s remit and to be beneficial generally to underlying performance. The firm was also an early mover into alternative investments. Until recently, Hermes’ substantial real estate allocation was directed solely at domestic assets and investment arrangements in the United Kingdom. Now, however, recognising the trend toward internationalisation and the arguments in its favour, the investment fi