Permal Group | Hedge Fund Notes
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Resource #1: (4.22.09) Permal Group, one of the largest and oldest hedge funds of funds, will launch its first mutual fund on Tuesday. Permal is a unit of Legg Mason Inc., which has a longstanding mutual-fund lineup. This is the second high-profile mutual-fund launch from the hedge-fund world this year. In January, Clifford Asness's AQR Capital Management LLC introduced its first of a series of planned mutual funds.
These launches come amid one of the worst years for the hedge-fund industry, now facing sharp asset declines combined with massive outflows. Investors pulled out a record $152 billion in capital from hedge funds in the fourth quarter of 2008, according to data from Hedge Fund Research Inc. source
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