Cap Protection Hits Euro Fund Agenda

Platinum Capital Management, a London-based hedge fund and fund-of-funds manager, is considering structuring a capital-protected variation of its most recent launch.

  • 14 Apr 2006
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Platinum Capital Management, a London-based hedge fund and fund-of-funds manager, is considering structuring a capital-protected variation of its most recent launch. Platinum last week launched Platinum Europe Select, a special-situations European equity fund which already runs over USD3.6 billion. Craig Reeves, managing director, said Platinum distributors have asked about a capital protected version of the fund.

Reeves said nothing has yet been decided in terms of structure or counterparties, but it has had discussions internally about ways of writing protection on the fund. Constant proportion portfolio insurance is not high on its list, because of the way the strategy hedges risk by buying on the way up and selling on the way down. Variations on CPPI, or an option plus zero-coupon bond structure might be more appropriate. "Everything's possible, watch this space," said Reeves.

  • 14 Apr 2006

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1 HSBC 35,007.57 165 6.53%
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4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

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3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%