Platinum Capital Management Ltd has launched Platinum Dynasty Fund Limited, a new hedge fund focused on long/short investment in publicly listed companies that will profit from China's growth.
Platinum stated that investors in the new fund will benefit from access to a portfolio currently achieving average monthly returns in excess of 3% per month (Feb 2000 to end-Oct 2003).
Platinum Dynasty's investment universe consists of companies in China, Hong Kong, Korea, Japan, Singapore, Taiwan and the USA that have a significant portion of their assets or revenue in China, that source of manufacture in China, or that target the large and growing Chinese consumer market.
Dynasty Asset Management of Shanghai advises the new fund. Established in 2000, Dynasty was one of the earliest investment management companies to set up operations in China and aims to exploit local Chinese expertise with a global perspective. Led by Steve Dai, a Chinese native and formerly a long-term US resident, and Edward Mullen, a US native and currently a resident of China, there are currently eleven members in the team including analysts, investment managers and an administrator.
Investors in Platinum Dynasty will gain access to the Dynasty investment portfolio, launched in February 2000, on the basis of a direct minimum investment of USD100,000 or €100,000 or, via the Platinum Wealth Management Bond, of USD25,000 or €25,000. Average annual returns for this portfolio are currently (to end-October 2003) in excess of 50% pa boosted by exceptional returns during the first half of 2000.
Peter Sprecher, Chairman, Platinum Capital Management, said: "China is already one of the largest economies in the world and is scheduled, by some forecasts, to become perhaps the leading economy within 20 years. For this reason, Platinum has been very keen to offer our investors exposure to this key market but we have consistently insisted on using established local expertise. Dynasty Asset Management has this expertise and we are delighted to be able to work with them to create Platinum Dynasty."
The new fund's administrator is Fortis Fund Services (Isle of Man) Ltd,
custodian is Fortis (Isle of Man) Nominee Ltd and the auditor is KPMG.
Background Note: London-based Platinum Capital Management is an international financial investment group with a series of international affiliates. The Group develops and distributes structured products on funds of hedge funds, offers private wealth management services and acts as an international partner for US hedge fund managers.
Dynasty Asset Management was established in 2000 in Shanghai. It is run jointly by Steve Dai and Edward Mullen. Steve Dai, Chief Investment Officer, is a China native and a former 10-year resident of the USA. Dai has over 10 years of portfolio management experience including direct P&L responsibility managing money for private clients from 1994-2000 at Daisen Financial Corporation, a company he founded in 1994. Edward Mullen, Risk Oversight/Client Service is a US native and has spent over three years living in China. Mullen has 10 years of investment experience including wealth management for global high net worth families and institutions. Mullen also has developed quantitative models for fund allocation, portfolio and trading optimization and risk management. Previously, Mullen worked with and incubated hedge funds with Arista Group and Glenwood Financial Group.
copyright hedgeweek 2003