Permal Group is a global

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

firm focused on

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...

s and

private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity ...

s products for international investors. Permal, founded in 1973, operates one of the oldest

fund of hedge funds A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A f ...

and manages approximately $22 billion in assets. Clients include sovereign wealth funds, pension funds, endowments, foundations, insurance companies, family offices, private banks and high-net-worth individuals. Its CEO is Omar Kodmani and its Chairman is Isaac R. Souede. Permal is headquartered in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

, with offices in

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...

Nassau Nassau may refer to: Places Bahamas *Nassau, Bahamas, capital city of the Bahamas, on the island of New Providence Canada *Nassau District, renamed Home District, regional division in Upper Canada from 1788 to 1792 *Nassau Street (Winnipeg), ...

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

, and

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

History

In 2005, Permal was acquired by

Legg Mason Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. As of December 31, 2019, the company had $730.8 billion in asse ...

in an $800 million transaction and operates as a subsidiary of that company. In 2013, Permal acquired Fauchier Partners, a leading European based manager of funds of hedge funds, from BNP Paribas Investment Partners. In 2016, the Permal Group subsidiary merged with EnTrust Capital to increase assets. After the merger the firm became EnTrustPermal, rebranding to EnTrust Global in 2019. In 2020 Gregg Hymowitz, the founder of EnTrust Capital, bought back

's share of EnTrust Global, making it an independent private company.

Investment funds

Permal offers a range of multi-manager, multi-strategy funds as well as single manager funds and customized separate accounts. The firm's flagship product, Permal Investment Holding, was launched in 1992 and is a global multi-strategy fund of hedge funds, managed by Robert Kaplan. The fund aims to capture two thirds of the upside during a bull market and seeks to limit its downside to one third of a comparable index during the bear market. Permal also operates as a

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

fund of funds and secondary investment firm through its subsidiary, Permal Capital Management. In 2016,

merged its Permal Group subsidiary with EnTrust Capital to increase assets managed by its hedge funds-of-funds business to $26 billion. After the merge the company became known as EnTrustPermal, and later re-branded to EnTrust Global in 2019. In 2020, Gregg Hymowitz, founder of EnTrust Capital, bought back the Legg Mason share of EnTrust, creating EnTrust Global, a private, independent company.

References

External links

The Permal Group
(company website)
EnTrustPermal
(company website)
Opalesque.TV Interview with Robert Kaplan, Chief Investment Officer at Permal Asset Management Inc
(Opalesque TV) Financial services companies established in 1973 Investment management companies of the United Kingdom Private equity firms of the United Kingdom Hedge fund firms in the United Kingdom Hedge fund firms of the United States {{UK-finance-company-stub