Ian Cadby, currently Chief Investment Officer of Liberty Ermitage Group, has been appointed Chief Executive Officer, with effect from 1 September.
Cadby (42) is taking over the reins from Ron Mitchell who founded the Group in 1996. Ron Mitchell will remain on the Board, as Vice Chairman, until his official retirement date of 31 March 2005.
Cadby has been groomed as Ron Mitchell's successor over the past two years. He joined the Group three years ago as the Group Executive in charge of Strategic Investments, embracing the Group's single manager programme, having previously spent 18 years in the equity derivative and hedge fund industry.
As a senior equity warrant trader Cadby helped co-found Cresvale International Asset Management Limited in 1990, an Asian equity hedge fund business, headquartered in London. Within two years the business grew to USD 400 million and in 1993 he was posted to Hong Kong as Managing Director of Cresvale's Asset Management business in the region.
He remained in Asia for seven years where he also worked for Citibank as Vice President in their structured derivatives business and finally at Regent Pacific Group in Hong Kong, where he was head of hedge fund trading. After leaving Asia, he co-founded an Asian hedge fund business with Jonathan Wauton and the Cadby Wauton Asia Fund was one of the best performing funds in its sector for the year 2000.
At Liberty Ermitage, he and Jonathan Wauton have been responsible for the successful launch of the Strategic Partners Fund, an innovative, private equity approach to seeding hedge fund managers, predominantly in Europe.
Cadby and his team have also been responsible for a series of successful & innovative product launches.
Liberty Ermitage Group (LEG) has over USD 3.5 billion in assets under management with USD 1.7 billion in hedge funds, USD 1.1 billion in traditional equity and bond funds and USD 700 million in money funds.
LEG is a leading edge asset management business whose highly disciplined approach encompasses rigorous analysis at the macro and strategy levels. This top down approach is complemented by bottom up manager evaluation with emphasis on extensive qualitative and forensic analysis. LEG
tracks over 4,000 hedge funds with an investment team of 17 including four former hedge fund managers / traders, and boasts one of the largest and most experienced research engines in the hedge fund industry.
LEG is owned by Liberty Group, the third largest Life Assurer in South Africa, which in turn is part of the Standard Bank Group with combined assets under management of USD 45 billion and aggregate market capitalization of USD 6 billion.
LEG offers five core services:
- Single manager hedge fund programme;
- Funds of hedge funds- both own product and white labelling for Institutions that do not have LEG's capability;
- Traditional funds - Gold & Resources, AAAm rated Money funds, Equities and Bonds;
- Global Wealth Management Services; and
- Specialist Fund Administration
LEG has 70 staff, is headquartered in Jersey, Channel Islands and has operations in Bermuda, Luxembourg, London and New York.