Thursday, 18 September 2014
Last updated 16 hours ago
Apr 27 2010 | 2:38am ET
Toscafund Asset Management is bidding to become one of the largest players on the European secondary mortgage market with a pair of new funds investing in the space.
The London-based hedge fund has already closed one fund focused on British subprime mortgages with £250 million. It’s now hoping to raise another £250 million for a second fund that it plans to launch this summer.
Tosca’s first mortgage fund is off to a fast start, on track to return 22% to investors this year, the Financial Times reports. The Tosca Mod Fund bought up U.K. subprime mortgages from banks seeking to unload them at a discount last summer, often grabbing the highest-quality mortgages of the lot. The fund paid roughly 60% of face value for the mortgages.
The second fund, Tosca Enhanced Mod, will buy mortgage-backed bonds and other securitized mortgage securities in addition to distressed mortgages, according to the FT, targeting returns of 8% to 12% annually over a five-year period.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.