Singapore approval for Platinum funds

London based group receives approval for two hedge funds in Singapore.

Platinum Capital Management, the international financial investment group has announced that two funds - Platinum Washington and Platinum Capital Protected Income Plus, Class A - have been approved by the Monetary Authority of Singapore for investment by sophisticated investors, as defined by the MAS guidelines, in Singapore.

Platinum Washington and Class A will be distributed by major Singapore and foreign banks, a number of IFAs and at least two of the largest Singaporean stockbrokers, including Fraser Securities. Platinum expects to raise $50 million or more in Singapore.

Craig Reeves, managing director, Platinum Capital Management says, "Arranging representation of Platinum and distribution of Platinum Funds in Singapore and other parts of the Far East is one of our core objectives. Asia is rapidly growing in importance for the distribution of alternative investment products to both the institutional and retail sectors."

Reeves says that a fund launch in Hong Kong is not in the immediate future due to the different nature of the market, but that expansion throughout the region is planned.

Platinum Washington is a single manager US equity long/short fund which achieved one of 2002's strongest performances with gains of over 30%.

The objective of the Platinum Class A fund is to achieve capital appreciation through investment with multiple managers focused on equity long/short investment. The Cayman registered fund is designed to allow the redemption of up to 8% of the original investment every year of the 10-year product life, after the first year. The fund of hedge funds will invest in 20 individual funds.

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