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Hedge fund manager Palmerston Capital passes USD250m AUM and closes founder share class

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London-based credit long/short hedge fund manager Palmerston Capital, which was set up by ex-JP Morgan credit trading head Stuart Wain, has closed its Founder Share Class as assets under management now total USD264 million. 

The fund has returned 9.55 per cent net of fees year to date with low volatility. 
Launched in January 2014 with friends and family money of USD15 million, Palmerston Capital signed an acceleration deal with Tages Capital in Q3 2014 taking AUM over USD100 million. The Founder share class remained open to other investors with discounted fee terms up to a total of USD250 million assets under management. This is now closed. The A Share Class remains open to further investments. 
Wain says: “To have moved so quickly past the USD250 million mark is a considerable vote of confidence in our investment team. 
“Our strategy has been predicated on in-depth credit analysis and asset selection while the bond versus bond emphasis has been ably supported by tactical nimbleness. With returns generated from both long and short positions, and directional market bias kept to a minimum, we have attracted significant new investors and increased asset under management through 2015.”  

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