Worms & Cie, the French holding company owned by Italy's Agnelli family, has said it may dispose of Permal, the fund of hedge funds manager, through a stock exchange flotation or sale.

Permal said last month it had appointed Merrill Lynch to examine strategic options. These include the possibility of remaining within Worms, but the Agnelli family is understood to be seeking ways to free capital to fund investment in Fiat, the troubled Italian motor company it also owns.