Legg Mason unveils Global Absolute Return

Legg Mason has launched a Global Absolute Return fund managed by its hedge fund specialist affiliate Permal.

The Dublin-domiciled Ucits III vehicle will have daily dealing and aims to deliver an 8%-10% return per annum over a full market cycle of three to five years, with a volatility of between 6%-8%. Legg Mason Permal Global Absolute Return will be managed by Christopher Zuehlsdorff, with Alexander Pillersdorf serving as co-portfolio manager. It will take a macro approach to multi-asset investing, with exposure to global equity, global fixed income, real estate, infrastructure, commodities, foreign currencies, eligible hedge fund strategies, cash and cash equivalents. The fund's asset c...