Longship Capital Management LLC announced that its Longship Multi-Strategy Debt Fund returned +1.44% to investors in its first month of operations. In addition, assets under management as of April 1 have doubled since the Fund's inception on February 1 of this year.
New York, NY (PRWEB) April 8, 2004 -- Provident Groups 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 Longships 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.
For more information on the Longship Multi-Strategy Debt Fund please contact:
Investors
Chris Betz - Managing Director
212.742.1840
cbetz@provident-group.com
Mark Bishop - Managing Director
212.742.1871
mbishop@provident-group.com
Jim Roper - Managing Partner
212.742.9176
jroper@provident-group.com
Fund Managers
William Wadden - CIO
212.601.2414
bwadden@provident-group.com
For More information on Provident Group:
Steven Carlson - Managing Partner
212.742.1852
scarlson@provident-group.com
Todd Jorn - Managing Partner
212.742.9177
tjorn@provident-group.com
This document is for information purposes only and does not represent an offer or solicitation to purchase securities of any kind. Nothing contained herein is, or should be relied on as, a promise, representation or prediction as to the future performance of the Longship Fund. All return information presented herein is unaudited and may be subject to change. Investors in certain States or jurisdictions may be prohibited from investing in the Longship Fund. An investment in the Longship Fund is highly speculative and involves a significant degree of risk.
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