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.

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