Hermes Fund Managers, the asset manager owned by the BT pension scheme, wants to win third-party business worth £25bn (€29.2bn) in five years, nearly five times its current level. To achieve its target it is offering fund managers a 50% profit share on new business.

Chief executive Rupert Clarke, who used to run Hermes' real estate division, set the £25bn target after investing £34m to redevelop Hermes in a plan agreed with BT at the end of 2007.