Thursday, 24 July 2014
Last updated 2 hours ago
May 23 2012 | 3:27am ET
The head of Morgan Stanley's U.S. housing strategy is leaving the firm to launch a fund that will buy foreclosed homes.
Oliver Chang, a prolific writer on the subject, resigned yesterday, Reuters reports. He and several "partners who are some of the most capable and experienced operators and managers of single-family rental homes in the business," will set up an asset management shop that will launch a buy-to-rent housing fund.
"Having followed this market for the past several years, I believe it represents one of the most compelling investment opportunities available across all asset classes today," he wrote in his resignation letter.
Chang and his partners are wasting no time; he wrote that the group is already managing a "considerable portfolio" of Southeastern U.S. properties, with plans to go national over the next year. He added that his effort is "seeing tremendous interest" from investors; he and his partners "expect to close on a significant allocation shortly," he wrote.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…