Legg Mason debuts Permal fixed-income hedge fund of funds

Legg Mason (LM) launched the Permal Hedge Fund Strategies Fund, a fixed-income hedge fund of funds, subadvised by its subsidiary, Permal Group, confirmed Omar Kodmani, senior executive officer of Permal, in an interview.

The new fund of funds is managed using Permal’s flagship, a diversified fixed-income strategy that spans the full spectrum of fixed income and credit securities, including developed and emerging markets debt, event-driven, global macro and long/short fixed income, Mr. Kodmani said.

The new fund is structured as an interval fund under the Investment Company Act of 1940 and the Securities Act of 1933, with quarterly liquidity and is suitable both for smaller institutional investors and high-net-worth investors with an investment minimum of $30,000.