HedgeCo.Net

West Palm Beach (HedgeCo.net) – Investment management company Legg Mason Inc. has launched a global multi-asset tactical allocation mutual fund named Legg Mason Permal Tactical Allocation Fund. The fund, which targets institutional and retail taxable and tax-exempt investors, will be managed by Legg Mason’s fund-of-hedge-funds affiliate, Permal Asset Management.

Legg Mason said that the fund is an opportunistic and diversified product, which seeks to benefit from any market condition and to outperform a traditional 60/30/10 (equity/fixed income/cash) portfolio over a medium-term time frame.

"Permal has an expertise in asset allocation and a deep global perspective and we believe they can find opportunities in these markets to deliver value to our clients." Matt Schiffman, Head of Americas Retail at Legg Mason said, "This is an innovative way to bring their fund of hedge fund expertise to traditional asset classes in a mutual fund offering."

The asset allocation strategy is designed to exploit perceived inefficiencies or imbalances in equity, fixed-income or other asset classes in any region or country, said the Baltimore, Maryland-based mutual fund group.

The fund will invest primarily in both passive and actively managed investment funds, to include specifically, affiliated and unaffiliated open-end mutual funds, unaffiliated closed-end mutual funds and exchange traded funds and notes, as well as cash equivalents and alternative investments.

Alex Akesson

Tags: accredited-investors, alternative investments, asset allocation strategy, asset-classes, cash equivalents, closed-end-mutual-funds, diversified product, exchange traded funds, fund-group, fund-of-hedge-funds, global perspective, inefficiencies, investment management company, investment-funds, legg mason inc, legg-mason, schiffman, term time

CNNMoney.com- Hedge funds hate to see their names in the headlines, but lately, they’ve been the ones breaking the news about companies they invest in.

Daniel Loeb’s Third Point LLC disclosed in a Monday regulatory filing that Maguire Properties Inc. (MPG) had received a buyout offer for about $20 a share, a level the stock hasn’t traded at since March. Third Point’s disclosure sent shares of Maguire, a real-estate investment trust, up more than 15% early in the day to above $14, before it fell back with the rest of the market. The bid turned out to be for $20.25 a share by a private company, Pacific Office Properties, The Wall Street Journal reported later Monday.

The filing by Third Point, which owns 8.8% of Maguire shares, wasn’t the first of its kind. In late May, 24% Calpine Corp. (CPN) holder Harbinger Capital Partners disclosed in an open letter that NRG Energy Group Inc. (NRG) had made an $11 billion offer to Calpine, an offer that Calpine later rejected. At a time when activist investors are trudging through a bear market along with the rest of the investment community, hedge-fund activists are getting more involved in trying to fetch buyout offers, and in many cases they appear to be communicating with the would-be buyers.

Read Complete Article

Tags: acsi, aggressive-response, alan-greenspan, allotment, estate-investment-trust, john-b, market-share, mistrust, schiffman, skyworks-solutions, takeover

Reuters- Some of the world’s biggest property fund firms could eventually be tempted to trade property derivatives in a material way as long as the young market continues growing.

However, listed property firms such as real estate investment trust (REITs) could be a tougher nut to crack, leading industry figures at the Reuters Global Real Estate Summit said this week.

Matthias Danne, who sits on the board of DekaBank, Germany’s biggest operator of open-ended property funds, said he was interested in putting investor money to work quickly using property derivatives.

Read Complete Article

Tags: danne, dekabank, estate-investment-trust, global-real-estate, india, infrastructure-assets, investment-arm, kary, public-offering, real-estate-investment-trust, schiffman, skyworks-solutions