The Permal Group Ltd. is owned by Legg Mason, Inc. and Permal Group Management. Prior to the purchase by Legg Mason on November 3, 2005, Permal Group was owned by Sequana Capital (formerly Worms & Cie). In the 1970s, Sequana Capital began investing in the U.S. market, investing with various fund managers, many of who became famous names in hedge-fund circles. These alternative asset investment management activities were consolidated and branded under what is now known as the Permal Group The Permal Group As part of developing its asset management activities, the Permal Group has, over the years, created customized solutions for its investors as their requirements evolved. The US operations of the group were started in NY over 30 years ago and is currently conducted by Permal Asset Management. In 1999, the Permal Group established its U.K. operations in London through Permal Investment Management Services Limited. Since then, offices have been opened in Singapore, Hong Kong and Dubai. Sequana Capital was a pioneer in the use of the multi-manager investment concept by launching Haussmann Holdings N.V. in 1973. One of the first vehicles of its kind, Haussmann Holdings allocated its assets to a variety of independent money managers investing primarily in U.S. securities. Sequana Capital recently consolidated its asset management activities under the Permal Group. Permal's Experience and Longevity The Permal Group has demonstrated a track record of success in identifying and selecting quality managers and combining their investment styles with the objective of producing investment strategies that have attractive long-term performance and moderate volatility.