This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Permal Group Launches Alternative Multi-Manager Mutual Fund

NEW YORK, Feb. 10, 2014 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today that its affiliate Permal Group ("Permal"), one of the largest alternative asset managers in the world, has launched Permal Alternative Select Fund ("the Fund"; ticker PASWX), its first open end alternative mutual fund. The multi-strategy fund, which offers investors daily liquidity, is sub-advised by a selection of leading hedge fund managers ("subadvisers") and has a minimum investment of $1,000.

By means of a tactical asset allocation program, the Fund is seeking to produce positive returns across a full market cycle, allocating assets to strategies that historically have had a low correlation to each other. These strategies may include Equity Hedge, Event Driven, Global Macro and Relative Value.

The initial investment strategies and subadvisers are:

  • Equity Hedge: Apex Capital, LLC
  • Event-Driven: River Canyon Fund Management LLC, a wholly-owned subsidiary of Canyon Capital Advisors
  • Global Macro (Discretionary): TT International
  • Global Macro (Systematic): BH-DG Systematic Trading LLP, part of a joint venture arrangement between David Gorton and Brevan Howard

"Clients today are far more interested in accessing a range of liquidity solutions covering the spectrum from daily to quarterly and beyond. Through Permal Alternative Select Fund, we are offering an alternative daily liquid multi-manager fund with a select group of leading managers and a core focus on diversification by manager and strategy," said Maxwell Osborne, Head of U.S. Distribution for Permal.

Tom Hoops, Head of Business Development for Legg Mason, who oversees M&A activity and new product development, said, "As investor needs evolve, Legg Mason has the resources to tap into the expertise of its investment affiliates and bring to market new products through our global distribution channels. For over 40 years Permal has been a leader in the alternative investment space and is the ideal partner to launch a liquid alternative product. This is also a great example of industry convergence, where the offshore world meets the onshore market. Retail investors today are looking beyond the more traditional products and with Permal Alternative Select Fund we have a daily liquid product that offers diversification across a range of hedge fund strategies and managers."

The Fund, which is registered with the SEC under both the Securities Act of 1933 and Investment Company Act of 1940, is managed by Permal Asset Management LLC, a member of Permal Group.  It has been structured to provide investors with 1099 tax reporting and is available to U.S. retail and institutional investors.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,062.24 -59.77 -0.35%
S&P 500 1,996.15 -3.97 -0.20%
NASDAQ 4,558.4730 -11.1480 -0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs