Fund of hedge funds firm Permal Group has hired a portfolio manager from the U.K.'s third-largest pension fund as its first institutional business head in that country.
Paul Jeffries will start on June 1 at the Legg Mason-owned firm, which has $21.6 billion in assets under management. Jeffries has spent the past six years at Railpen Investments, overseeing stock funds for the £17 billion pension Railways Pension Scheme.
Before joining Railpen, Jeffries worked at RMB MultiManagers.
"Paul's knowledge of the U.K. pensions market and his experience of managing investments for one of the largest U.K. pension schemes will certainly enhance our presence in the U.K. market," Roberto Giuffrida, co-head of global business development, said.