Permal Group's First Mutual Fund Awaits Investors

An alternative asset management firm Permal Group will launch its first mutual fund product this week, according to the Wall Street Journal. Permal Group is set to follow in the footsteps of AQR Capital Management by releasing its first mutual

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An alternative asset management firm Permal Group will launch its first mutual fund product this week, according to the Wall Street Journal.

Permal Group is set to follow in the footsteps of AQR Capital Management by releasing its first mutual fund product on 14 April 2009. The firm, which operates under parent company Legg Mason, is looking to mutual fund investors for new money amid declining assets in the hedge fund industry during the past year.

Its Legg Mason Permal Tactical Allocation is described by the company’s head of Americas retail Matt Schiffman as a “go-anywhere” fund as the product can invest in bonds, commodities and stocks across a range of countries and asset classes. Schiffman suggested the new mutual fund may appeal to investors who are “willing to assume a higher level of volatility and risk”.

L.D.

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