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.


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

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

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...