Permal Group

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Permal Group — overview

About

Permal was set up in the early 1970s to manage hedge fund investments for Worms & Cie, a European holding company, although the business was headquartered in New York. Over the years the business has increasingly focused on funds of hedge funds and in 2005 was sold to Legg Mason. In 1999, the Permal Group established its UK operations in London through Permal Investment Management. Clients of Permal included sovereign wealth funds, pension funds, endowments, foundations, insurance companies, family offices, private banks and high net worth individuals. In January 2016, Legg Mason announced that it will merge its fund of hedge fund business at Permal Group with Entrust Capital, to create a new fund of hedge fund entity, <a href="/user/hf/investor_details.aspx?firmID=11409">EnTrustPermal</a>. EnTrustPermal is 65% owned by Permal’s parent company Legg Mason and 35% owned by EnTrust co-founder Gregg Hymowitz, who is chairman and CEO of the new group.

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