Longship Multi-Strategy Debt Fund Announces Results of +1.44% in Inaugural Month :: Business Articles and Info

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Longship Multi-Strategy Debt Fund Announces Results of +1.44% in Inaugural Month
Added: 04/10/2004 Type: Summary Viewed: 613 time(s) [ Not Rated Yet ]

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Longship Multi-Strategy Debt Fund Announces Results of +1.44% in Inaugural Month

Provident Group’s asset management arm announced that its flagship product, the Longship Multi-Strategy Debt Fund, posted a February return of 1.44% net of fees in its inaugural month of operation. In addition as of April 1, the Fund doubled its assets under management since its initial seeding in February.

William Wadden IV, Chief Investment Officer of Longship Capital Management, commented from Longship’s headquarters in New York “The objective of the Longship Fund is to generate net returns of 1% per month and we were pleased to come out of the gate on a strong note. Ongoing solid performances by most of the underlying funds combined with above average results of two funds focused on the emerging markets enabled us to exceed our target bogey for the month. On a forward looking basis, we feel that as a result of our extensive back testing and manager selection process, the Fund should be able to hit its stated 12% annual net return objective irrespective of the direction of interest rates or the performance of the broadly based debt markets as a whole”.

The Fund, a fund of fixed income hedge funds, is a geographically and sector diversified platform of best in class fixed income strategies. The Longship Multi-Strategy Debt Fund is managed by a team of fixed income professionals with in excess of 80 years experience drawn from institutions including Lehman Brothers, Columbia Asset Management and Stein Roe & Farnham.

Provident Group is a specialized investment bank founded in 1998 which is focused on fixed income alternative assets, fixed income asset management and providing investment banking services including M&A, corporate finance and advisory to middle market clients. Longship Capital Management, founded in 2002, is the dedicated asset management arm and a wholly owned subsidiary of Provident Group.

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