Bloomberg – Paul Myners, chairman of U.K. retailer Marks & Spencer Group Plc and former head of Gartmore Investment Management, is joining Liberty Ermitage Jersey Ltd. and buying a stake in the hedge fund company.
Myners, who’ll become chairman of the Jersey Island-based business, is buying a 40 percent share in the group together with the company’s managers, including Ian Cadby, Liberty Ermitage said in an e-mailed statement today. South African insurer Liberty Group is selling the rest of the money manager and its $4 billion of assets to U.K. closed-end fund Caledonia Investments Plc.
The move marks a return to fund management for Myners, who ran London-based Gartmore and later completed a government sponsored review of the U.K.’s pension business. He recommended that pension funds should diversify into more alternative investments and away from depending on stock and bond holdings.
The fund manager is in “a very strong position in the sweet spot of the market at a time when there is great further potential,” Myners, 57, said in the statement.
