It’s not difficult for Hermes to operate this way. It has to. Its owner, which supplies £18 billion of its £25 billion in funds under management, demands this feedback and long-term view. With a stable pension fund owner and little pressure to raise assets or deliver big returns quarterin, quarter-out, Hermes is able to replicate this relationship with other investors. Nusseibeh also believes the role of the funds management CIO should change from a manager of investment staff or asset allocator to an internal consultant to clients.