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.


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