UK - Paul Myners is set to leave his role as chairman of Marks and Spencer to return to the asset management arena as chairman of hedge fund management group Ermitage.
Myners retired as chairman of Gartmore Investment Management in 2001 and is well-known in the pensions industry for authoring the 2001 Myners Review, in which he recommended the use of alternatives to aid greater portfolio diversification.
Ermitage, formally known as Liberty Ermitage Jersey Limited, has more than $4bn in assets under management and has just announced its agreement to complete a management buyout of the company from Liberty Group of South Africa. The transaction should conclude in the second quarter of 2006.
The new vehicle will be owned 60% by UK investment trust company Caledonia Investments, and 40% by Ermitage’s management and Myners.
It will be led by Ian Cadby as CEO/CIO, and Ermitage’s management team of Mark Hucker, Andrew Whelan, Jonathan Wauton and Sarah Allen.
The new group board will be extended to include Myners, plus Tim Ingram and Jamie Cayzer-Colvin, directors of Caledonia.
Myners commented: “Ian and his team have established a very strong position in the sweet spot of the market at a time when there is great further potential. I am very much looking forward to helping take Ermitage forward.”
By Lisa Haines
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