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Liberty International, run by Donald Gordon (right), is joining Hermes, the big fund manager, in a strategic alliance that is claimed will shake up the UK pensions industry. The BT pension fund, which owns Hermes, is transferring pounds 1.5bn of its assets to give a kick start to a new pension fund management company set up by Liberty to specialise in money purchase schemes. Hermes, whose chief executive is Alastair Ross-Goobey (left), will be manager for index tracking funds. Meanwhile, Liberty is to launch a new direct sales personal pension business in the UK next year.

Photograph: Edward Webb

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