New Legg Mason Fund

Chidem Kurdas

Baltimore-based asset management heavyweight Legg Mason, in the news a lot recently because of the retirement of its one-time star mutual fund manager Bill Miller, is quietly readying a new hedge fund product for the US market. 

The fund, to be managed by Permal, the fund of funds subsidiary of Legg Mason, is expected to invest primarily with global macro, event-driven and fixed income managers and less with equity managers. It is to be run by Javier Dyer and Alexander Pillersdorf.

Permal has European UCITS products in addition to hedge funds and in 2009 launched a US mutual fund, a hybrid that allocates to other mutual funds and exchange-traded vehicles but also to hedge funds. The new fund is not an open-ended mutual fund and will not be listed on an exchange. It is to be offered only to “eligible” investors who are allowed by regulation to be in alternatives.

Legg Mason describes itself as one of the largest asset managers in the world with assets of $629 billion as of the end of October.

Tags: Alexander Pillersdorf, Bill Miller, Javier Dyer, Legg Mason, Permal Group