The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Schiffman Sees More '40-Act Funds in a Hedge-Fund Firm's Future Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 14, 2009

Schiffman Sees More '40-Act Funds in a Hedge-Fund Firm's Future

Reported by Armie Margaret Lee

On Tuesday, Legg Mason unit Permal Asset Management, one of the largest fund-of-hedge-funds managers, took the wraps off its debut mutual fund, and a Legg Mason executive told The MFWire that it won't be Permal's only '40 Act offering.

Matt Schiffman
Legg Mason
Head of Americas Retail
"I believe you will see more '40 Act products coming from Permal and more multi-managed products from Legg Mason," said Matt Schiffman, who joined Legg Mason from Lincoln Financial as US head of product and marketing in November and transitioned to the role of head of Americas retail in mid-March.

The newly launched Legg Mason Permal Tactical Allocation Fund comes with an expense ratio of 175 basis points and a maximum front load of 575 bps. It will invest mainly in funds from Legg Mason's affiliates. It will also invest in unaffiliated mutual funds, ETFs and alternative investments.

"We've received fairly good feedback from our distribution partners that while demographics have not changed, investor psychology has changed," Schiffman said.

"Investors are looking for flexibility, simplicity and liquidity," he said.

A go-anywhere fund, the Tactical Allocation Fund is not constrained by geography or investment style.

Legg Mason acquired Permal in 2005 from Sequana Capital. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use