Permal Launches Multi-Manager Mutual Fund

Feb 14 2014 | 11:15am ET

Permal Group has launched its first open-end mutual fund of hedge funds.

The Legg Mason unit is offering its Permal Alternative Select Fund to investors with just a $1,000 minimum investment. The vehicle features daily liquidity and includes a number of strategies, among them event-driven, global macro and relative value.

The new fund's initial managers are Apex Capital, Canyon Capital Advisors' River Canyon Fund Management, TT International, and Brevan Howard Asset Management's quantitative venture.

"Clients today are far more interested in accessing a range of liquidity solutions covering the spectrum from daily to quarterly and beyond," Permal U.S. distribution chief Maxwell Osborne said. "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."

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