Blackstone Alternative Asset Management and Permal
Investment Management are set to enter the 1940 Act registered
investment company market in the US, signalling an intention to
gather assets in the retail distributor world usually reserved
for long-only mutual funds.
While such a move by Permal is not unexpected given its
parent, Legg Mason, is one of the largest mutual fund providers
in the US, this act by Blackstone, the largest fund of hedge
funds in the world with $37.21 billion under management, is
significant given its private equity/institutional roots.
In fact, Legg Mason Investor Services...