Ermitage at Liberty

South African financial services company Liberty Group is to buy Liberty Ermitage Group from Liberty International for £35.5m.

Liberty Ermitage, with assets of £22.4m and funds under management of $2bn in both hedge and long-only funds, has been up for sale since Liberty International's announcement that it wished to pull out of financial services and concentrate on its property interests.

Ron Mitchell, chief executive and founder of Liberty Ermitage, said: "The Liberty Group and the wider St