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Legg Mason Announces Combination of EnTrust Capital and Permal Group

Paul, Weiss client Legg Mason, Inc. announced an agreement to combine its existing hedge fund platform, Permal, with EnTrust, a New York-based independent hedge fund investor and alternative asset manager. As a result of the combination, Legg Mason will own 65 percent of the new entity, branded EnTrustPermal, with 35 percent being owned by Gregg S. Hymowitz, EnTrust's Co-founder and Managing Partner. Completion of the transaction, subject to customary closing conditions, is expected in mid-2016.

The Paul, Weiss team included, among others, corporate partner Steven Williams and counsel Yossie Horwitz and Marta Kelly; tax partner Richard Bronstein; and employee benefits partner Lawrence Witdorchic.

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