Permal

Permal Investment Management Services Limited, ("Permal"), a pioneer in multi-manager, multi-strategy investments, was established in 1973 with the launch of its first fund of funds to provide European investors with access to US-based investment managers. Today, Permal provides multi-manager investment alternatives, that can be multi-strategy or single strategy, to a global client base. The firm's objectives focus on capital preservation in 'down' markets, participation in 'up' markets, low volatility, and asymmetric returns over time.

After three decades in asset management, Permal's businesses have grown to include Permal Asset Management, an SEC-registered investment advisor in New York, and Permal Investment Manager Services Limited, an FCA-authorised investment manager in London. Permal also has offices in Singapore, Dubai, and Hong Kong. in 2005, Legg Mason, Inc. acquired Permal, which now operates as a stand-alone business within Legg Mason.

 

Philosophy


Permal offers its clients a long track record, stable and experienced management, access to quality investment managers, and a tested allocation process for diversifying a long portfolio. Clients also benefit from its ongoing risk control, reporting and due diligence, as well as its robust strategies for varied market conditions.

With an exhaustive manager selection process, Permal's managers are essential to its success. The firm's profile, reputation and experience tend to attract new management talent. Additionally, when seeking new management talent, Permal can capitalise on its established international contacts.

Permal closely monitors approximately 200 managers. Permal also maintains a database of nearly 2,000 managers and interviews more than 400 new managers per year. Permal looks for managers that have demonstrated an ability to perform in "up" markets and protect in "down" markets, as well as those that enhance returns and/or lower volatility. Permal's managers will also display both solid experience and a proven track record, while also possessing suitable risk control systems. Permal also emphasises a preference for engaging portfolio managers that are co-investors and are compensated on performance.

Permal believes that its multi-manager funds offer an efficient way to gain exposure to varied markets and strategies, while also featuring inherent diversification that tends to lower risk when compared with a single investment. Its funds provide access to well-known managers that may be closed to individual and new investors, via a diversified range of core strategies that includes long/short, long only, macro, event driven, and high yield.