View more on these topics

Legg Mason offers absolute fund in joint venture

Legg Mason is planning to launch a global absolute return fund with fund of hedge fund manager Permal.

If approved by the regulator, the fund will be multi-asset and look to offer investors annual returns of 8-10 per cent with a volatility of 6-7 per cent. The product will run under a Ucits III structure, offering daily dealing and liquidity.

It will be domiciled in Dublin and the launch is planned for the final quarter of 2009. It will sit within the Legg Mason global funds range but the group has yet to decide what sector the product will sit in.

Legg Mason acquired Permal in 2005. The group has 35 years of experience in the alternative asset management space and currently has £12bn in assets.

Permal will use a three-stage investment process. Initially, the firm completes a quantitative analysis to create an initial model portfolio, the Permal investment committee then adds its qualitative macro insights to the product before the portfolio managers choose the Ucits recognised instruments to build a diversified portfolio .

Legg Mason head of European sales Justin Eede says: “We are extremely excited to offer an absolute return fund that takes into account Permal’s expertise and long-term track record.”


RDR offers IFAs a fantastic future

There have been too many in the industry that have used the RDR for their own ends to try to panic IFAs into believing that the RDR is bad for the small practitioner, or you will need a PhD, as if large firms or purely academic qualifications were either required or offered some magic solution.

Phone - thumbnail

Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm