Permal Assets Fall 9%

Feb 1 2012 | 2:35am ET

Fund of hedge funds Permal Group suffered a 9% drop in assets last year, parent Legg Mason said.

Permal's assets fell from $19.6 billion to $17.8 billion in 2011. During the fourth quarter, the unit contracted by about $900 million.

All told, Legg Mason's overall assets under management fell by 6.7% during the year, to $627 billion. The firm's quarterly net income fell by more than half year-on-year.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...