Dexion Trading - July 2007

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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