Joint venture sets up pioneer fund

Standard Bank and Liberty Ermitage is launching the Distressed Securities fund in a joint venture. Duncan Hickman, executive director of Liberty Ermitage said: 'We are reasonably pioneering as there are few people doing this sort of fund.'

The high yield team at Standard Bank headed by Mark Devonshire in London will be responsible for the investment management of the fund that aims to achieve returns of 15% pa.

Liberty Ermitage is responsible for distributing the product. Hickman said: 'The fun