Permal Suspends Redemptions

Nov 5 2008 | 3:10am ET

Legg Mason’s Permal Group has suspended redemptions from two hedge funds after an underlying manager did the same.

Both the $700 million Permal Fixed Income Special Opportunities and $350 million Permal Global Opportunities funds invest with NWI Management, which has been inundated by withdrawal requests. New York-based NWI, which until now has offered monthly liquidity, is changing those terms.

Permal, also facing redemption requests, has extended the notice period for the two funds in question to 95 days from 20 days.

“Of all the measures one can take in this environment, this is relatively benign,” Omar Kodmani, senior executive for Permal, told Bloomberg News.

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