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Elliott Management Corp., the New York-based hedge fund founded by billionaire investor Paul Singer, sold residential mortgage-backed securities last quarter as many of its competitor funds were buying. “While we acknowledge that the yield profile of many RMBS bonds compares favorably to other credit products, the absolute yields are very low,” Elliott said in a [...]
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Captrust Financial Advisors, the Raleigh, North Carolina-based advisory firm with $75 billion in assets under advisement, is searching for a variety of hedge fund strategies for potential client allocations, including sector-specific long/short equity and those invested in mortgage-backed securities. Captrust is searching for long/short equity funds focused on energy, specifically in infrastructure, and health care, Eric Freedman, chief [...]
Kevin Scherer, a former Citadel LLC senior portfolio manager, plans to start Continuum Investment Management, a hedge fund investing in residential and commercial mortgage debt and asset-backed securities. Scherer, 46, a former managing director at Citadel, where he worked from 2008 to 2011 trading in structured credit, is starting Continuum with three former colleagues with whom he worked [...]
By Kelly Bit and Jody Shenn Josh Birnbaum, the former Goldman Sachs Group Inc. trader who was instrumental in the bank’s bet against the U.S subprime mortgage market in 2007, posted a 30 percent gain this year in his hedge fund, according to a person familiar with the matter. Tilden Park Capital Management LP, based in New [...]
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Angelo Gordon & Co., the $25 billion firm started by John Angelo and Michael Gordon, posted a 20 percent gain this year in a fund invested in commercial mortgages, according to a letter to investors obtained by Bloomberg. The AG REDI Ltd. fund increased 7.2 percent as “the absence of any major negative surprises out [...]
Todd Sherer and Christopher Gaughan, former managing directors at Dalton Investments LLC, started Illumination Asset Management LLC, a Los Angeles-based mortgage hedge fund, yesterday with $200 million in assets. “It was a chance to set our own course,” Sherer, 41, chief investment officer at Illumination, said in a telephone interview. “When we looked at the opportunity [...]
Two pension plans in San Jose, California, are poised to invest in hedge funds for the first time by deploying $730 million to improve returns. The City of San Jose’s Police and Fire Department Retirement Plan and the Federated City Employees’ Retirement System seek to invest in 15 to 20 hedge funds in the next six to [...]
Changes in energy, media and healthcare industries are causing increased levels of distress for companies in those sectors, according to Timothy Coleman, senior managing director and head of restructuring and reorganization at Blackstone Group LP. “Energy appears to have had a fundamental shift due to many issues, including fracking,” which has increased pressure on coal companies, Coleman said in an [...]