Morgan Nets $450M For Mortgage Fund

Feb 23 2012 | 6:02am ET

Morgan Stanley's asset management arm has raised more than $450 million to launch a mortgage-backed securities fund.

The investment bank said yesterday that it had held a final close of the Morgan Stanley Opportunistic Mortgage Income Fund. The new fund, managed by Morgan Stanley Investment Management's global fixed-income group, will invest in a "wide range of mortgage-related securities."

"We believe the $8 trillion mortgage-backed securities market presents compelling opportunities for investors to selectively purchase residential and commercial mortgage-backed securities at attractive yields," said Sheila Huang, head of the MSIM mortgage team. "The Opportunistic Mortgage Income Strategy combines a proprietary analysis of individual mortgage-backed securities with a portfolio-level hedging strategy to confidently navigate this market."

Morgan Stanley's mortgage fund follows recent launches of similar strategies by CQS and Pamplona Capital Management.


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