Hermes Fund Managers posted its sixth straight year of losses in 2014, despite previously promising a return to profitability, as costs related to a strategic revamp devoured the asset manager's operating profits for the year.

Statutory pre-tax losses at Hermes, which is owned by and manages money for the £40 billion BT Pension Scheme, widened to £8.1 million in 2014 from £3.4 million the year before, according to its latest annual accounts filed over the weekend at Companies House.