Permal launches multi-manager hedge fund
NETHERLANDS/UK - London based Permal Investment Management (PIM), part of French group Worms & Cie, has launched the Permal Long Short Global Equity Holdings fund, a Dutch registered multi-manager fund.
The fund, Permal’s ninth multi-manager fund, will be managed globally by a core group of ten to fifteen managers following one type of hedge fund strategy.
The objective of the fund is to generate above average risk adjusted returns with low volatility. The fund’s geographic allocation will focus on developed markets, with 70% going to the US, 15% to Europe and 15% to Japan.
Says Omar Kodmani, senior executive officer at PIM: “Multi-manager funds are becoming increasingly popular as investors try to combat market volatility by spreading risk, while preserving returns.”