Fund of hedge funds firm, Permal Group, has appointed Paul Jeffries as head of U.K. institutional business, effective June 1, Financial News reports. In his newly created role, Jefferies will work under Roberto Giuffrida, executive vice president and co-head of global business development.

Jeffries is currently an investment manager at Railpen Investments, where he manages the £8 billion global equity multimanager portfolio. Railpen is seeking to appoint a replacement, adds Pensions & Investments.

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