LTCM Vet’s Platinum Grove Turns Red

Apr 14 2008 | 2:00am ET

Forgive Nobel Prize-winner Myron Scholes if he’s got something of a knot in his stomach.

Scholes’ Platinum Grove Asset Management saw its domestic fund drop 11.37%, and its offshore fund drop 10.72%, in March, it’s worst-ever monthly performance since the firm’s launch eight years ago. But the big losses are certainly not the first for Scholes, the co-founder of the infamous Long-Term Capital Management.

In a note to investors last week, Platinum Grove, which manages some $5.8 billion, did not elaborate on the losses. Reuters reports that the firm—formerly Oak Hill Platinum Partners—trades mostly interest-rate swaps and sovereign debt. The fund had been up 3.2% through February, and rebounded slightly in April, returned 2.6% in the early going.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...