February 17, 2004

Permal Launches Natural Resources Fund of Funds

NEW YORK (HedgeWorld.com)--Permal Investment Management Services Ltd., a fund of funds group, launched a new offshore fund of funds with a natural resources orientation.

The Luxembourg-domiciled fund, the Permal Multi-Manager Funds Lux Natural Resources Fund, was launched Jan. 1, under portfolio manager James Hodge.

It is open to non-U.S. investors only, and combines a long/short equity strategy with positions in both physical commodities and commodity futures, as well as global macro strategies. The fund will invest globally in companies that are involved in the discovery, development or distribution of natural resources; that develop technologies; or that furnish energy.

Mr. Hodge, the president and chief investment officer of Permal Asset Management Inc., previously worked at the New York Stock Exchange in a variety of positions culminating in director of cost accounting.

Permal is one of the largest fund of funds managers with about US$12 billion in assets. It entered the market in 1973, with Haussman Holdings, which places money with hedge fund managers who invest in the U.S. market. It has offices in London and Singapore, as well as New York.

The Permal Group is part of Worms & Cie, Paris, founded in 1848. From owning ships and selling coal, Worms & Cie turned to merchant bank at the start of the twentieth century.

CFaille@HedgeWorld.com

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