GLOBAL - Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.

Hermes has appointed Steven Grahame as chief investment officer (CIO) for a new division called Alternatives, which will focus on investing in real estate through property shares, derivatives and debt.

The move comes at the same time as Hermes announced it has promoted Tim Turnbull to chief investment officer (CIO) and Alasdair Evans to chief operating officer (COO), who will join Grahame in a new team responsible for running and diversifying the fund managers' £10bn property portfolio.

Grahame, who has worked in the multi-manager team at UBS and is currently a senior investment consultant at Watson Wyatt, will assume his new position next month.

Evans was previously director for corporate real estate finance while Turnbull was director for commercial at Hermes.

All three will gain a stake in the real estate business.

Hermes Real Estate had £10bn (€11bn) in gross assets under management at the end of September 2008.

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