New York-based fund-of-funds firm Permal Group is one of the oldest of its kind, launched more than four decades ago. Firmwide assets have grown from $250 million in 1985 to more than $22 billion today, thanks to above-par performance. Despite Permal’s history and team of experts, the fund-of-funds firm was not immune to the effects of the 2008 financial crisis. The Permal Fixed Income Holdings fund lost 18.4 percent in 2008 and firmwide assets dropped from $39.2 billion to $19.4 billion by 2010, in part because executives refused to gate redemptions or create side pockets (though the firm extended its redemption notice from 20 days to 90 days). The firm was able to turn these limitations to its advantage, however…