Hermes flies in face of Deutsche

● Activist UK fund manager Hermes has urged Deutsche Bank’s shareholders not to approve the supervisory board’s performance at next month’s meeting. A source close to the issue told City A.M. that Hermes Equity Ownership Services, the investment advisory division of the multi-boutique asset manager, has filed a counter proposal against the motion of approval. The Hermes-represented group, which accounts for 0.5 per cent of Deutsche Bank’s shares, is concerned about remuneration policies at the bank and the manner in which the change of leadership process was managed. The annual shareholder meeting is scheduled for 31 May.