Hermes moves offices to the City

Hermes Investment Management is shifting its offices from Tower Hamlets to the City.

The £30.1bn asset manager will move to 150 Cheapside, beside the St Paul’s underground station, in January.

Chief executive Saker Nusseibeh says the move reflects the company’s transition into a global business with third party revenues now accounting for almost 70 per cent of business.

The 46,000 square-feet offices, managed by CRBE, will accommodate 400 staff.

Existing offices are in Lloyds Chambers on Portsoken St, nearby the Tower of London on the outskirts of the City.

“While we are saying goodbye to our home of over 30 years on the edge of Tower Hamlets, we will still remain active in the local community, which we have become a part of during that time,” says Nusseibeh.

“Moreover, we will continue to provide support through our charity partnerships with Mosaic, Business in the Community, the East End Community Foundation, as well as our volunteer programmes with local primary and secondary schools.”

In July, Rathbones revealed via its first half results that Brexit’s impact on London property demand meant it had taken a £15m hit as its former Mayfair offices sat empty following its move to the City.

A Rathbones spokesperson says the fund house is still working hard to let the building and the financial impact reported half year “was a reflection of its prudent assumptions”.

Hermes did not comment on what will happen to its current offices when it departs.