Monday, 30 November 2015
Last updated 13 min ago
Oct 30 2007 | 7:43am ET
For its newest fund of hedge funds, Permal Group is looking at one of the oldest trade routes in the world. The New York-based firm is gearing up to launch the Permal Silk Road Fund at the end of November.
As its name suggests, the fund will concentrate on managers focused all along the ancient commercial highway, including the Middle East and North Africa, Asia ex-Japan, the former Soviet Union and Turkey.
Silk Road will invest with between 20 and 30 underlying managers initially, eventually rising to as many as 40 within two years. One-third of the fund’s assets will be invested in Asia-focused managers, another third in the Middle East and North Africa. The remaining third will be put with global strategies to keep the fund of funds liquid and diversified.
Strategically, Permal plans to invest 40% of the fund’s assets with event-driven managers and 25% in equity long/short. Both global macro and long-only will represent 15% of the fund, with the remaining 5% in fixed-income investments.
Silk Road is targeting returns of between 15% and 20% annually, with volatility of about 12%.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…