Funds of funds

Omar Kodmani, senior executive officer of fund of funds group Permal Investment Management in London describes the US attacks as a 'defining moment in many ways'. He believes that this situation has been a 'classic test of whether hedge funds work and provide downside protection'. He says that on balance hedge funds have done what they are supposed to do and the multi-manager approach was helpful in this environment.

Permal has traditionally been a supporter of macro strategies and earlier this