Reuters – Permal Group, a unit of U.S.-based investment company Legg Mason Inc. (LM.N: Quote, Profile, Research), has launched a fund of hedgefunds tapping strong economic growth in India, Permal said on Thursday.
Permal India Holdings will invest in 20 hedge funds adopting a range of strategies. These will include long-short funds, long-biased, special situations and macro trading funds.
India’s stock market is booming and hit a new record high earlier on Thursday. The market has risen on the back of high growth and rapidly-developing capital markets.
The benchmark BSE index <.BSESN> hit a peak of 10,195.42.
Indian President A.P.J. Abdul Kalam said on Thursday the economy is likely to grow by more than 8 percent in the financial year ending in March.
Permal said its new product aims to outperform equities over the market cycle on a risk-adjusted basis.
