Mergers & Acquisitions / Joint Ventures Wrappers / Structures

Permal launches first UCITS III fund to be built of underlying managed accounts


Permal, a $20 billion fund of funds group launched in 1973, has entered the UCITS III space with an active trading fund, but unlike its rivals in this Newcits space, its offering is thought to be the first build entirely of underlying managed accounts. TT International, QFS Asset Management, Apex Capital and NWI Management are some of the managers selected by Permal for the product which is called the Active Trading Fund. The fund will invest in between 11 and 15 managers and target returns of 8% to 10% per annum and volatility of 5% to 7% per