Permal tries hedging its bets in China

Domestic consumption spurs rising investment by hedge fund

BEIJING - Permal Asset Management Inc, one of the world's oldest and largest hedge fund houses, is taking a $150 million bet on the Chinese economy, investing in companies that will benefit from the country's economic rebalancing drive.

Isaac Souede, chairman and chief executive officer of the group that oversees $21 billion in assets globally, said his China Special Fund is heavily weighted toward stocks in the healthcare, consumption and real estate sectors.