Hermes Pensions Management has appointed Nick Mustoe as chief investment officer from F&C Management, dealing another blow to F&C which has seen a number of departures after its reorganisation.

At Hermes, Mustoe is replacing Tony Watson who is set to take on the role as chief executive.

Hermes appoints F&C's Mustoe as investment chief

Pirkko Juntunen

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The group is focused on acquiring businesses operating mainly in the U.K. online pharmacy market.

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The bank said it also received authorization from the Bank of Italy to acquire indirect control of Banca Generali subsidiaries and indirect shareholdings in affiliates.

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