Liberty to focus on US mergers

Liberty Ermitage is co-launching a US-focused pure merger arbitrage fund to be managed by its partner, recently established New York arbitrage specialist HBV. The HBV management team, which comes mostly from merger arbitrage firms Milton Partners and Allen & Co, will concentrate on strategic transactions, sector specialisation, fundamental research and deal quality before deal spread. Ron Mitchell, chief executive officer at the Liberty Ermitage Group, who will sit on the advisory board, said: "We are looking to generate superior returns as measured by SHARP, with low volatility and extrem...