Black Diamond Asset Management hired Broadmark Asset Management to subadvise five new index-oriented, principal-protected mutual funds. The funds seek to meet or exceed the performance of their respective indexes over a seven-year period through the active management of index options, shares of exchange-traded funds and options on ETFs. The indexes are: S&P 500; Nasdaq 100; Russell 2000; S&P 400; and the CSFB Tremont Hedge Fund Long/Short Equity indexes.
Black Diamond manages assets for both institutional and high-net-worth individuals, and Broadmark is an institutional money manager. The $136 billion California Public Employees Retirement System, Sacramento, owns a significant equity interest in Broadmark.