This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.89 -49.97 -0.29%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,796.6090 -42.0340 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs