Ex-Highlanders Plumer, Jakob Ready Commerce Street Fund

Mar 6 2012 | 7:04am ET

A pair of Highland Capital Management veterans is set to launch its maiden hedge fund at its new firm.

Kurt Plumer and Richard Jakob will launch the vehicle in the second quarter, HFMWeek reports. The new vehicle, Commerce Street Investment Partners III, will invest in collateralized debt obligations pooling community bank preferred shares, with Plumer as portfolio manager and Jakob selling it to investors.

The two men joined Dallas-based private equity shop Commerce Street Investment Advisor last year, but nine years ago they worked together at Highland. Jakob reunited with Plumer, who joined CSIA from Highland early last year, in November from Cedarview Capital Management, where he was chief marketing officer.

CSIP III will have a roughly $300 million capacity.

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