Ron Mitchell has stepped down as investment chief at Liberty Ermitage, the asset management business of life insurer Liberty Group, paving the way for Ian Cadby to take over the role after three years at the firm.

The move by Mitchell, who will continue as chief executive at Liberty Ermitage, reflects the growth of the company's hedge fund business, which doubled assets under management last year from $600m to $1.2bn (€470m to €941m). It also runs $1bn in traditional equity and bond funds and $600m in money funds.