Countering the gloom surrounding equity-based hedge fund strategies, Platinum Capital Management announced today that seven banks have now placed the Platinum Washington Fund on their approved lists for investment and distribution. The Group has also received requests from six funds-of-funds groups who are currently undertaking due diligence enquiries with a view to including Platinum Washington in their portfolios.
Unlike many long/short equity managers, says Platinum, its fund managers are prepared, when occasion demands, to take the investment portfolio truly short (as opposed to reducing long exposure). “We are delighted, but not surprised by the enthusiasm for this long/short US equity fund – Platinum’s first single manager product,” says Craig Reeves, managing director, Platinum Capital Management. “The continued demand is, in part a reflection of the strength and experience of the investment management team and in part a response to the exceptional performance achieved in 2002 and, indeed, for the past four years.”
Platinum Washington Fund is managed by Washington Asset Management of New York (WAM). Launched in September this year, the fund is an offshore parallel to WAM’s Washington US fund launched in January 1999. Platinum Washington Fund portfolio has achieved returns of +40.95% (1909),
+9.66% (2000), +11.08% (2001) and +31.01% (ten months to end-October 2002) since launch.