Hermes, the adviser to BT’s pension fund, may sever ties in its private equity joint venture with Gartmore, after it emerged the UK-listed asset manager was mulling a sale following crisis departures, people familiar with the process said.

On Monday, Gartmore said that it had appointed Goldman Sachs to carry out a "strategic review", which could lead to a sale of the company. It also said that its star fund manager Roger Guy was stepping down from the firm.