Legg Mason announces new trust
Legg Mason Asset Management has launched a trust that gives Australian investors exposure to a broad range of global alternative investments.
The Legg Mason Permal Investment Holdings Trust provides access to Permal Investment Holdings N.V., a fund-of-fund hedge fund that invests in a group of investment managers across a variety of global alternative investments.
These include long/short, macro, long equity, emerging growth and event driven strategies.
Since its inception in March 1992, the Permal Investment Holdings N.V. fund has generated a net return of 11 per cent per annum.
The Permal Group chairman and chief executive Isaac Souede said the group’s goal was to create diversified portfolios of quality managers that provide safety of capital, excellent investor liquidity and above average returns with below average volatility. “Our portfolios are designed to participate significantly in strong markets, preserve capital in down or volatile markets and outperform market indices over a full market cycle,” he added.
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