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|
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
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
"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.
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