Australian investors will have the opportunity to invest in a broad range of global investments through a new trust launched by Legg Mason Asset Management. Investors will have access through Legg Mason to fund of funds hedge fund Permal Investment Holdings, which has generated a net return of 11 per cent per annum since its inception in March 1992. Permal provides exposure to long/short, macro, long equity, emerging growth and event driven strategies. Permal Group chairman Issac Souede said the group's portfolios were designed to participate "significantly" in strong markets, preserve capital in down times and outperform major indices over market cycles.