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Tuesday, April 14, 2009|
Schiffman Sees More '40-Act Funds in a Hedge-Fund Firm's Future
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.
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.
Printed from: MFWire.com/story.asp?s=21295
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