Welcome to the brains trust

In May 2006, the management of Liberty Ermitage acquired the fund of hedge fund group, in a buy-out backed by Caledonia, the group that assisted the Gartmore MBO.

It was a good time to own an alternatives asset management house. The bear market of 1999-2003 was a major catalyst in the growing popularity of alternatives and investors were looking at various ways to diversify their portfolios to protect them, as the markets stumbled around them.

This brave new world of alternatives helped motivate