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Aiming to to outperform the IPD other Balanced PUT Index by 0.5% p.a. over a rolling three-year period.


We target a wide range of carefully chosen properties – including retail, office and industrial units across the UK. Our long-term goal is to maintain a balanced portfolio with the potential to grow sustainably.

Chris Mathew

Fund Director - HPUT


A balanced asset allocation and active stock diversification strategy looking for balanced risk and return within a single solution.

Active property management to maximise returns and create sustainable value.

A dedicated team of six investment professionals with over 16 years’ average industry experience.

Oversight from a wholly independent appointments committee to ensure a responsible investment approach.

An industry leader in environmental management.

Investment approach

The Trust invests directly in properties ranging in value from £1.2million to £101.5million. 

Hermes selects, owns and manages all these properties directly. All the investors in the strategy are UK pension funds or charities, committed to achieving long-term returns.


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The Appointments Committee consists of at least three, and at most eight, members. Each year at least one third of the Appointments Committee retires at the Annual General Meeting and is then eligible for re-election by Unit Holders.

The Appointments Committee provides independent oversight of Hermes on behalf of Unit Holders. The Appointments Committee was formed as part of a restructuring in order to comply with the Alternative Investment Fund Managers Directive which became effective from 22 July 2013.

David Nicol BA (Hons) CA - Chairman (Appointed 16 July 2012)

David is a Chartered Accountant and worked for Morgan Stanley from 1984 until 2010 taking various senior operational roles. He was chair of Morgan Stanley Pension Trustee Limited and non-executive chair of the audit committee of Morgan Stanley International until the end of 2011. He is currently Chief Executive of Brewin Dolphin plc and a member of the Council of ICAS. David accepted the position of trustee for The Urology Foundation in 2017.

Paul Clark BA (Hons), MPhil (Appointed 3 December 2014)

Paul is Chief Investment Officer at the Crown Estate, previously Director of Investment and Asset Management since 2007, prior to that he ran the Church Commissioners global real estate investment portfolio. He also sits on various industry bodies including the Policy Committee of The British Property Federation.

Sue Clayton BSc FRICS (Appointed 9 December 2014)

Sue is an Executive Director at CBRE, the global property advisers, where she has specialised in UK investment markets for over 25 years. Sue is a Non-Executive Director of Helical Plc where she chairs the Valuation Committee and sits on the Audit and Remuneration Committees. She is a Trustee of the Reading Real Estate Foundation. Barwood Capital Ltd have appointed Sue as Chair of its Barwood Property Fund 2017.

Andrew McIntyre MA, ACA (Appointed 7 June 2017)

Andrew is a non-executive director of C. Hoare & Co and Ecclesiastical Insurance Group plc, and was previously a board member and chairman of Southern Housing Group Limited. He was a partner at Ernst & Young for 28 years. He also served on the firm’s board and was a trustee of the firm’s pension schemes. Andrew is a trustee of the Centre for Economic Policy Research and a member of the Financial Reporting Council Review Panel.

Frances Davies MA, MPhil (Appointed 18 February 2019)

Frances has more than 30 years’ experience across various roles within the asset management and investment banking industries. Since 2007 she has been a partner of Opus Corporate Finance and she currently holds non-executive roles on the JP Morgan Smaller Companies Investment Trust Board, Aviva’s With-Profits Committee, the Aegon Investments Ltd Board and, the Board of HICL plc.

HPUT Quarterly Data Report

HPUT Annual Accounts

HPUT Interim Accounts

HPUT Information Memorandum

Sales Contacts

Clive Selman,
Head of UK Sales
James Lucas,
Director - UK Institutional Business Development
Douglas Anderson,
Director - Consultant Relations
Thomas King,
Associate - Institutional Sales Support