Permal Investment Management has launched its latest multi-manager fund of hedge funds ' Permal Long...
Permal Investment Management has launched its latest multi-manager fund of hedge funds ' Permal Long Short Global Equity Holdings.
The new fund, which is the ninth in Permal's range, will focus purely on long and short strategies and will hold between 10 and 15 hedge funds in its portfolio. The objective of the new fund is to generate above average risk adjusted returns with low volatility and capital preservation.
Geographically, the fund will focus on developed markets, with 70% US, 15% Europe and 15% Japan. A group of stock pickers based in the US will determine the holdings within the portfolio. Permal has more than 30 years experience in this area.
Permal Long Short Global Equity Holdings will differ from the other eight hedge funds in the Permal range by concentrating on a core group of managers pursuing one type of hedge funds strategy, but in a global format.
Omar Kodmani, senior executive officer of Permal Investment Management Services Ltd said the increasing popularity of long/short hedge funds means now is the right time to launch a pure play on the long/short style of fund management.
Permal, which pioneered the multi-manager concept, launched its first multi manager fund of hedge funds in 1973.
This year, three of its core funds, Haussmann Holdings, Permal Japan Holdings and Permal Investment Holdings were each rated AA by Standard & Poor's.
Minimum investment for Permal Long Short Global Equity Holdings is $100,000. The fund is domiciled in the Netherlands and denominated in both dollars and euros. Adviser commission is negotiable.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till