International Association of Machinists and Aerospace Workers National Pension Fund, Washington, hired Permal Group to manage $1 billion in a customized global macro hedge fund of funds, said Stephen R. Sleigh, IAM pension and benefit fund director.
Permal will create a separate account for the $11 billion IAM multiemployer defined benefit plan and construct a diversified, slightly concentrated portfolio with between 15 to 18 global macro managers, including both systematic and fundamental approaches.
Mr. Sleigh said the Permal global macro allocation is not the IAM plan's first hedge fund investment, but he did not have details of previous investments readily available. He referred questions about the existing hedge fund program to the plan's lead investment consultant, John Granger, executive director-investments and institutional consulting director for The Buffalo/Houston Group, a Graystone Consulting affiliate. Mr. Granger did not respond to several telephone messages.
