Spring is sprung the grass is riz, I wonder where that permanent capital is?

June was the month when permanent capital's bubble burst. Well, kind of. Dexion Capital relieved FRM of its duties advising on investments for the London-listed closed-ended vehicle, Dexion Trading, and has hired instead Permal to take on the responsibilities.

For managers who dreamed that using such structures gave them capital they could nurture and cherish for ever and ever, it may have been a rude awakening. However one important distinction must be made, and that is between a manager who