Dexion Trading - July 2007

The rush to launch permanent capital vehicles has not slowed, despite the grandfather of London’s closedended, listed vehicle market replacing the manager of one of its key funds of funds due to what it saw as underperformance.

The board of Dexion Trading is to ballot shareholders to replace FRM Investment Management with Permal Group as the advisor to the listed fund of hedge funds, in a move believed to be the first such change in the history of closed-ended, listed funds of hedge funds. The change is due on 1 October.

FRM will sell down the portfolio by the change-over, and while Paul Dunning, FRM CEO said he was disappointed the London house would lose the mandate to run the assets in Dexion Trading, he added FRM

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