Mon, 01/09/2003 - 08:00
London-based Platinum Capital Management Ltd is making significant reductions in fees across the entire Platinum fund range.
Platinum announced that on the back of the continuing success and growth of its funds business, it is reducing fees on all its products, including all single manager products and fund of funds.
From next month onwards, investors in all Platinum funds will avail of the new lower annual management fee of 1.5% (previously 2.5% p.a.) and significantly lower performance / incentive fees at 10% (previously 25%), based on net new high watermark calculations.
These reductions are now possible as a result of more favourable rates being offered by Platinum funds' underlying investment advisors, due to Platinum funds' significant growth in size.
Peter Sprecher, Chairman, Platinum Capital Management said: "We are pleased to be able to offer our customers such a dramatic drop in management and performance fees. It is only due to their ongoing investment and continuing loyalty that our growth has developed in such a way to make these fee cuts possible".
The fee reductions will apply to the following funds: Platinum All Weather Ltd (which will now feature a 1.2% p.a. management fee), Platinum Equity Plus Fund Ltd, Platinum Washington Fund Ltd, Platinum Wealth Management Bond, Platinum Capital Protected Equity Plus Fund Ltd, Platinum Capital Protected Income Plus Fund Ltd, Platinum Capital Protected Income Plus Fund Ltd (Class A), Platinum 110% Protected Equity Plus Fund Ltd and Platinum 110% Protected Plus Fund Ltd.
Background Note: Platinum Capital Management is an international financial investment group, head-quartered in London with a series of international affiliates. The Group develops and distributes structured products, funds of hedge funds, offers private wealth management services and acts as an international partner for hedge fund managers.
Platinum Capital Management is regulated by the Financial Services Authority (FSA) in the UK. All Platinum funds are registered with the Cayman Island Monetary Authority (CIMA). Selected Platinum Capital Management funds are authorised for Sale by the Monetary Authority of Singapore (MAS).
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