Boutique fund manager Hermes has been accredited as a living wage employer.
Hermes Fund Managers, which employs over 400 staff in London, joins a group of 100 accredited living wage employers in the UK.
As an accredited employer, Hermes Fund Managers ensures that all employees are paid the living wage and above, which is an hourly rate, set independently every year by the Greater London Authority (GLA).
It is calculated according to the cost of living and gives the minimum pay rate required for a worker to provide for their family. The current living wage is £7.20 nationwide and £8.30 in London.
John Mould, chief operating officer at Hermes Fund Managers, said: “As a business, Hermes campaigns for fair pay across the board.
“Hermes’ success has been achieved through the excellence, integrity and commitment of our people.”
Rhys Moore, director of the Living Wage Foundation, added: “We are thrilled to accredit Hermes as a living wage employer.
“As the first fund manager to make a public binding commitment to pay the living wage, its leadership within the sector is clear.”
Read more on pay, bonuses and reward