Permal merger to create $24 billion FoHF

Permal is merging with smaller UK fund-of-hedge-fund peer Fauchier – majority-owned by BNP Paribas Investment Partners – effectively creating one of the world’s biggest FoHFs with about $24 billion in assets. The financial terms of the deal, which is expected to be finalised in the first quarter of 2013, were not disclosed. Permal, the FoHF business of UK asset management giant Legg Mason, has about $17 billion in AUM – down from the $19 billion it managed in 2005 – while Fauchi…