Two of the best known names in alternative investing on Wall Street have come together to create a new investment platform that will manage total assets of over $26 billion; EnTrust Capital and Permal have now come together in a merger that will see the creation of a new investing platform, EnTrustPermal, that it is hoped will create a global reach for a new form of investing. The Legg Mason investment company that manages EnTrust Capital has been the key player in pushing forward the merger, which will see its own Permal investment platform join together with EnTrust Capital to create a company it hopes will perform at a higher level as it cuts overall costs for the newly created company.
The decision will see two companies of almost the same size and asset wealth come together in the form of EnTrust Capital and Permal. EnTrust has built an impressive client list and hedge fund strategy that sees this New York City based investment specialist manage over $12 billion in total assets. The addition of EnTrust Capital to the Legg Mason group of companies and investment strategies is designed to add the impressive reputation of the company to the ever expanding investment leader of Legg Mason, which had over $670 million in assets managed by the end of 2015.
As part of the deal concluded for the merger there has been a dedicated move to keep some form of continuity for the existing clients of both EnTrust Capital and Permal. The newly formed alternative investment specialist will see a core group of 55 experienced investment professionals in key positions throughout EnTrust and Permal who will remain at the newly formed business in a bid to make sure every client has access to the best advice and strategies for investing as possible. By bringing the two investment platforms together the range of options that are open to the client list has grown larger and is planned to continue to grow as new alternative investments are explored in the coming months and years.
Although the paperwork for the merger has already been signed and the majority of details have been confirmed the merger is not expected to be fully completed until 2017. The newly established platform will be owned in the majority by Legg Mason with 65 percent of the company; Gregg Hymowitz, the co-founder of EnTrust Capital will take a 35 percent share.