UK-headquartered Hermes Fund Managers sets up its first on the ground presence in Asia by relocating its London-based executive to lead from the Singapore office.

Hermes Fund Managers, the UK-based fund management firm, has relocated its London-based executive to assume a newly-created leadership role in Singapore, this publication can confirm.

Jakob Nilsson, who served as director of European business development from the London office for over a year until December 2013, officially assumed his new Singapore-based role in January 2014. His old post has been assumed by Johan Stromberg, who previously served as associate director at Prosperity Capital Management. 

The company has yet to respond to this publication's request for details, but several media have quoted Harriet Steel, global head of business development for Hermes in London, as saying that the appointment is the first time it had a business development head on the ground in Asia. 

Hermes established a presence in Singapore in July 2012 and only received its capital markets services licence for fund management in the city-state in August 2013. Its other Asia-Pacific office is located in Sydney.