Thursday, 8 October 2015
Last updated 1 hour ago
Apr 20 2011 | 2:01pm ET
Subprime mortgage loans took a hit last month, but one top hedge fund investing in them did not.
LibreMax Capital, the hedge fund founded last year by three former top Deutsche Bank traders, returned 0.6% last month, ahead of most industry indices. The $605 million fund rose 4.2% in the first quarter, Bloomberg News reports, behind the broader markets but well ahead of the average hedge fund.
March was the first month in 10 to see subprime-backed bonds lose ground.
LibreMax debuted with $375 million in assets at the end of November. The New York-based fund is helmed by Fred Brettschneider, Greg Lippman and Eugene Lu. Brettschneider was head of global markets at Deutsche Bank and Lippman was head of asset-backed securities trading. Xu was Lippman’s quantitative specialist at Deutsche Bank, earning himself a cameo in author Michael Lewis’s book, The Big Short.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…