Haussmann Holdings, the $3bn (€2.48bn) fund of hedge funds, is splitting away from Permal Group, which is on the point of being acquired by Legg Mason, the US-listed asset management company.

Isaac Souede, chief executive of Permal said: "We have reached a point where diverging interests and objectives made a mutually agreeable separation the most sensible solution for both group members and shareholders of the fund."