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Platinum brings in new managers to meet demand

Platinum Capital Management is adding four hedge fund managers to its Platinum premier fund but says it is not marketing the product as a multi-manager fund.

The managers are being added to the fixed-income hedge fund to boost capacity, enabling Platinum to reopen it to new investments on June 1.

At the fund’s launch last year, the only management group on board was City Fund Management.

Although the new managers will broadly run money in the same way, using fixed-income arbitrage strategies, they will use slightly different techniques. Endeavour Capital will focus on fixed-income relative value trading, Rimrock Capital Management will exploit inefficiencies in the market using currency hedging, Old Hill Partners will invest in fixed-income products tailored to institutional buyers and Drawbridge RV will invest mainly in G7 government bonds, swaps and futures.

However, Platinum insists the appointment of the new managers does not make the fund a multi-manager product.

Managing director Craig Reeves says: “We added the managers to Platinum premier because City Fund Managers could not manage any more money but we still had a big demand from investors.

“The fund is not a fund of funds or even a multi-manager fund because it is still a single-strategy fund. Historically, it just had City Fund Management but underneath it had five traders. The new managers are running different flavours of the same thing.”

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