Permal Group

{{short description|Global investment management firm}} {{Use dmy dates|date=April 2022}} {{Infobox company | name = The Permal Group | logo = Permal Group logo.png | type = Private | industry = Investment management | founded = {{start date and age |1973}} | founder = | hq_location_city = London | hq_location_country = United Kingdom | products = Hedge funds, private equity funds | aum = $22 billion (2013)<ref name="permal.com">{{cite web|url=https://www.permal.com/about-permal/introduction|title=Introduction – The Permal Group|work=permal.com|url-status=dead|archiveurl=https://web.archive.org/web/20130921095255/https://www.permal.com/about-permal/introduction|archivedate=2013-09-21}}</ref> | num_employees = | num_employees_year = | website = {{URL |http://www.permal.com }} }}

'''Permal Group''' is a British investment management firm specialized in hedge funds and private equity funds for international investors.

Permal was founded in 1973 and operates one of the oldest fund of hedge funds, and, {{as of |2013 |lc=yes }}, manages approximately $22 billion<ref name="permal.com"/> 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.<ref>{{cite web|url=https://www.permal.com/about-permal/biographies|title=Biographies|work=permal.com|url-status=dead|archiveurl=https://web.archive.org/web/20150115192123/https://www.permal.com/about-permal/biographies|archivedate=2015-01-15}}</ref> Permal is headquartered in London, with offices in New York, Boston, Singapore, Paris, Nassau, Dubai, Hong Kong, and Beijing.

== History == The company was founded in 1973.

In 2005, Permal was acquired by Legg Mason in an $800 million transaction and operates as a subsidiary of that company.<ref>[https://findarticles.com/p/articles/mi_qn4183/is_20051104/ai_n15804299/ Legg Mason closes on $800M deal]. Baltimore Daily Record, November 4, 2005</ref>

In 2013, Permal acquired Fauchier Partners, a leading European based manager of funds of hedge funds, from BNP Paribas Investment Partners.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/legg-mason-and-permal-complete-acquisition-of-fauchier-partners-197759501.html|title=Legg Mason and Permal Complete Acquisition of Fauchier Partners|author=Legg Mason, Inc.|date=13 March 2013|work=prnewswire.com}}</ref>

In 2016, the Permal Group subsidiary merged with EnTrust Capital to increase assets.<ref>{{Cite news|url=https://www.pionline.com/article/20160908/ONLINE/160909874/university-of-maine-sticks-with-entrustpermal-following-merger|title=University of Maine sticks with EnTrustPermal following merger|last=Kozlowski|first=Rob|date=2016-09-08|work=Pensions & Investments|access-date=2017-03-22|language=en-US}}</ref> After the merger the firm became EnTrustPermal, rebranding to EnTrust Global in 2019.<ref name=":0">{{Cite web|title=EnTrust Permal rebrands as EnTrust Global - Opalesque|url=https://www.opalesque.com/industry-updates/5590/entrust-permal-rebrands-as-entrust-global.html|last=Knab|first=Matthias|website=www.opalesque.com|access-date=2020-05-17}}</ref> In 2020 Gregg Hymowitz, the founder of EnTrust Capital, bought back Legg Mason's share of EnTrust Global, making it an independent private company.<ref name=":1">{{Cite news|last=Lombardo|first=Justin Baer and Cara|date=2020-02-18|title=WSJ News Exclusive {{!}} Franklin Resources to Buy Legg Mason for $4.5 Billion|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/franklin-resources-is-in-talks-to-buy-legg-mason-11582009251|access-date=2020-05-17|issn=0099-9660}}</ref><ref name=":2">{{Cite web|title=EnTrust Global Announces Reacquisition of Legg Mason's Interest|url=https://newyork.citybizlist.com/article/597112|website=Citybizlist|access-date=2020-05-17}}</ref>

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

In 2016, Legg Mason merged its Permal Group subsidiary with EnTrust Capital to increase assets managed by its hedge funds-of-funds business to $26 billion.<ref>{{Cite news|url=https://www.pionline.com/article/20160908/ONLINE/160909874/university-of-maine-sticks-with-entrustpermal-following-merger|title=University of Maine sticks with EnTrustPermal following merger|last=Kozlowski|first=Rob|date=2016-09-08|newspaper=Pensions & Investments|language=en-US|access-date=2017-01-06}}</ref> After the merge the company became known as EnTrustPermal, and later re-branded to EnTrust Global in 2019.<ref name=":0" /> In 2020, Gregg Hymowitz, founder of EnTrust Capital, bought back the Legg Mason share of EnTrust, creating EnTrust Global, a private, independent company.<ref name=":1" /><ref name=":2" />

==References== {{reflist}}

==External links== {{Portal|Companies}} *[http://www.permal.com The Permal Group] (company website) *[https://www.entrustpermal.com EnTrustPermal] (company website) *[https://www.opalesque.tv/youtube/Rob_Kaplan/1 Opalesque.TV Interview with Robert Kaplan, Chief Investment Officer at Permal Asset Management Inc] (Opalesque TV)

Category:Financial services companies established in 1973 Category:Investment management companies of the United Kingdom Category:Private equity firms of the United Kingdom Category:Hedge fund firms in the United Kingdom Category:Hedge fund firms of the United States