UK fund manager Hermes, which acts on behalf of the country's largest pension scheme, has raised concerns about the strategy of Italian group Italmobiliare - the second time in a week a company has come under pressure in Italy where shareholder activism is rare.

Hermes, which is owned by and manages the assets of the £39.7bn (€53bn) BT Pension Scheme, has a range of activist funds known as the Focus Funds, with a combined £1.5bn under management.