The remuneration of senior Hermes management is on a five-year horizon, and performance fees are over rolling three year periods. Nusseibeh, who has a background in the private funds management market starting at Mercury Asset Management, and working for Fortis among others, acts like an inhouse consultant, policing the boutiques to ensure they are doing what they said they would do, and that the overall risk is suitable. “Funds management is about memory. The only difference between a good and bad fund manager is that a good fund manager remembers five and a half of each 10 mistakes he makes, while a bad funds manager remembers only five,” he said.