New York (HedgeCo.net) – $627 billion global asset management firm, Legg Mason has launched Permal Hedge Strategies Fund, a fixed income focused multi-manager, multi strategy fund of hedge funds, on February 1, 2012.
“Given market volatility and investor demand for lower risk products, we have seen more desire for lower correlated, alternative investment strategies.” Matt Schiffman, Head of Global Marketing for Legg Mason, said. “We worked collaboratively to bring to market a product that would not only fit investors needs and would bring Permal’s expertise as one of the oldest fund of hedge funds to the retail market.”
The new fund invests in a broad range of fixed income strategies, employing flexible asset allocation and moving capital between credit and non credit strategies. Investments include developed as well as emerging market fixed income and long/short fixed income. There are also smaller allocations to event-driven strategies, such as risk arbitrage, distressed debt, special situations and activists, as well as global macro strategies, including both systematic and discretionary managers, which are intended to mitigate market volatility.
The new fund of hedge funds has been structured to provide investors with 1099 tax reporting and will be available to U.S. accredited investors. The minimum investment is $25,000 and liquidity is quarterly. Permal Hedge Strategies Fund has a high degree of overlap with a flagship Permal fixed income fund and invests in 20 to 40 underlying hedge funds.
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