Liberty Group, Standard Bank and Investment Solutions, the country's leading multi-manager provider, have created a multi-manager asset management joint venture company.

The new entity, yet to be named, will initially be owned by Liberty and Standard Bank. Investment Solutions will acquire 40% of the new entity's stake in March 31, 2005, in exchange for an issue of shares by Investment Solutions to Liberty and Standard Bank and a cash payment if required. Liberty will also be able to buy up to 10% of Investment Solutions by March 2001 at R5.75 (€0.9) per share.