Talk about reversal of fortune. Up until the economic crisis took full effect in 2008, mutual fund companies were anxious to get into the hedge fund game. Now, with investors heading to the hedge fund exits, the opposite is happening.

Permal Group, a hedge fund unit of Legg Mason, launched a go-anywhere mutual fund Tuesday, the Legg Mason Permal Tactical Allocation Fund. In January, AQR Capital Management introduced a mutual fund, the AQR Diversified Arbitrage Fund, the first in a series it is planning.

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