JERSEY, Channel Islands (HedgeWorld.com)–Liberty Ermitage Group named Ian Cadby, chief investment officer, as its new chief executive, succeeding group founder Ron Mitchell as of Sept. 1.
Mr. Mitchell will remain on the company’s board as vice chairman until March 31, when he’ll officially retire. Mr. Mitchell said his departure has been in the works for a while. Recent promotions were linked to his eventual departure from Liberty Ermitage, which he founded in 1996 as a unit of Liberty Group, a South African insurance company.
In January, Liberty Ermitage promoted Mr. Cadby to chief investment officer–a position he’ll keep as chief executive–and Mark Hucker to the position of chief operating officer (see ). “A lot of those responsibilities devolved from me,” Mr. Mitchell said. “Slowly, I’ve been transitioning,” he said.
He said he plans to spend more time with his family and on personal pursuits once his retirement fully kicks in.
Liberty Ermitage manages US$1.7 billion in single-manager and funds of funds and US$3.5 billion overall.
Contact Bob Keane with questions or comments at: [email protected].