Another slice of hedge fund schadenfreude, served cold please.
Reuters reports that Myron Scholes’ Platinum Grove Assets Management suffered its worst ever month in March, as turbulence racked the financial markets.
Platinum Grove, which the Nobel Prize-winning Scholes founded in 2000 with other alumni from defunct hedge fund Long-Term Capital Management (LTCM), suffered an 11.37 percent drop for its domestic fund and 10.72 percent for its offshore sister fund, according to a letter the fund sent to investors on April 7.
Oh dear. So Scholes joins fellow LTCM alumnus John Meriwether among those fixed income investors caught out by the turmoil in the credit markets.
