Permal Launches Natural Resource Fund;

The Permal Group, the Italian alternatives giant that manages $14 billion, launched its first natural resource hedge fund of funds last month.

The Permal Group, the Italian alternatives giant that manages $14 billion, launched its first natural resource hedge fund of funds last month. It will have a multi-strategy approach, investing across 15 managers. The underlying managers will invest in both equities and commodities, said Wendy Silverman, in charge of marketing in New York. The managers will invest in companies that produce gold, oil, precious metals, aluminum, utilities or paper. The fund was created due to growing investor interest for natural resources, Silverman added. Jim Hodge, president and cio, manages the fund.

Registered as a SICAV in Luxemburg, the off-shore fund has a minimum investment of $25,000. It carries a 1.25% management fee and a 5% performance fee.