The US fund house’s chief executive, Joseph Sullivan, spoke to AsianInvestor about his global ambitions for the firm, with a focus on Asia, most notably China.
Tag : permal
The $24 billion fund of hedge funds firm is optimistic on Japan and China, and favours emerging market debt over EM equity, says its chief executive.
![Permal ups long exposure in Japan, China, wary of EM](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2F20130730035606_Isaac%20Souede.jpg&c=1&h=194&q=100&v=20242127&w=344)
Launch of China office to follow merger with fellow fund of hedge fund Fauchier, underlining a growing emphasis on the country’s nascent hedge fund market.
![Permal plans Shanghai base amid mainland focus](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2F20130108100533_Isaac%20Souede.jpg&c=1&h=194&q=100&v=20242127&w=344)
Fund-of-hedge-fund consolidation continues, with Permal to gain Australian and Japanese pension investors from UK-based peer Fauchier.
![Permal merger to create $24 billion FoHF](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2Fmn-deal-merger.jpg&c=1&h=194&q=100&v=20242127&w=344)
CEO Mark Fetting says the global fund management company wants to acquire alternative capabilities to complement the group’s Permal business.
![Legg Mason targets 2012 M&A for alternatives](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2Fmark%20fetting.jpg&c=1&h=194&q=100&v=20242127&w=344)
The fund-of-hedge-funds firm appoints Yale professor Zhiwu Chen and ex-ING executive Matthew Yao to senior roles and may double allocations to Asia to target regional growth.
![Permal adds two China specialists in country ramp-up](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2FZhiwu%20Chen.jpg&c=1&h=194&q=100&v=20242127&w=344)
This has been a tricky year for funds of hedge funds, but a few are doing okay in the circumstances.
Isaac Souede, chairman of $20 billion fund of hedge funds Permal, says China does not respect the euro and that an American double-dip recession would spark protectionism in the US.
![China wouldn't survive a US double-dip recession, says Permal chairman](https://cdn.i.haymarketmedia.asia/?n=asian-investor%2Fcontent%2FIsaacSoueedecropped.jpg&c=1&h=194&q=100&v=20242127&w=344)
Mark Fetting has revamped the corporate structure, boosted risk management, and is now looking how to grow Legg Mason, including acquisitions in emerging-market equities.