Tue, 22/11/2005 - 06:11
The Liberty Ermitage Alternative Investment Fund Limited is to be renamed to align the fund with the burgeoning event-driven sector.
The decision to change the name of the Fund to Liberty Ermitage Event Driven Fund Limited is designed to reflect the fact that it invests in specialist event-driven hedge funds within a diversified portfolio that also includes merger arbitrage funds.
The fund's investment objective remains unchanged -- namely to deliver consistent and superior returns over the medium term compared to fixed interest investments, accompanied by low volatility, by investing in a diversified portfolio of event-driven and merger arbitrage funds managed by specialist managers who have achieved above average, risk-adjusted returns over a prolonged period.
Commenting on the news, Ian Cadby CEO/CIO of Liberty Ermitage Group said, "There has been a growing interest amongst investors for event-driven opportunities and this simple name change is designed to strongly identify Liberty Ermitage's Event Driven Fund with the sector," says Ian Cadby CEO/CIO of Liberty Ermitage Group. "Our fund was launched back in 1997 and can demonstrate an eight-year track record of delivering excellent risk adjusted returns."
"The first half of 2005 saw worldwide announced deal volumes at their highest level since 2000. Importantly, there were over two hundred USD 1 billion plus transactions announced in the second quarter -- continuing the recent trend of large deals being announced," said Cadby. "On the event side, corporations are actively pursuing restructurings, spin offs, share buy backs and other activities to enhance shareholder value - together creating numerous opportunities for investment."
He added: "Another encouraging factor for the strategy is that private equity funds, which are expected to have in excess of USD 200 billion of available equity capital by the end of 2005, are significantly contributing to the surge in deal flow and account for over 30 per cent of European M&A transactions. S&P 500 non-financial companies are estimated to have 7 per cent of their market value in cash and this high level of liquidity and the relatively low interest rate environment is fuelling a surge in both financial and strategic M&A, a trend which we expect to continue for the rest of 2005 and into 2006."
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