Legg Mason’s unit, Permal Asset Management, may increase its allocations to U.S. equity and global macro funds, Bloomberg reports. The move will protect the firm’s portfolios from price fluctuations in emerging markets. Permal, which manages $22 billion and invests clients’ money in hedge funds, has put about $8 billion in macro funds and more than $1.2 billion in U.S. long-short funds. The firm, which in 2011 may acquire hedge fund stakes from sellers that are in distress at a discount, is also seeking to invest in managers that bet on European distressed assets.
Click here for the story from Bloomberg.