Canada's Leeward Capital Management is planning a new Offshore fund based in the Cayman Islands.

Date: Wednesday, January 30, 2002

January 30, 2002: Canada's Leeward Capital Management, fresh from it's hedge fund debut in July, is planning a companion Offshore fund based in the Cayman Islands. The fund is expected to be available to investors in May 2002. The U.S. dollar-denominated Leeward Bull & Bear Offshore Fund will offer the firms identical low risk North American long/short strategy to that used in the C$17 million Canadian-based Leeward Bull & Bear Fund. Leeward plans to cap the new fund at U.S. $150 million. Its Canadian sibling will also be capped when it hits that level. Leeward Hedge Funds founder Brendan Kyne says the firm is 100% focused on managing only one type of product. "We believe that the next 10 years will be difficult for investors who have a long only approach to the market. The 1990's were well above average in terms of annual returns to investors and we feel that investors will need an ability to benefit from a negative bias in the market or they will experience further erosion in investment capital." The long/short strategy trades a diversified portfolio including both Canadian and U.S. names. The Canadian fund has a minimum investment of C$150,000. The new Caymans fund will have a minimum of US$250,000 to $500,000, aiming for high-net-worth international investors.