Sunday, 24 May 2015
Last updated 2 days ago
Jun 19 2012 | 12:22pm ET
Hedge fund manager Don Brownstein is getting into the home rental business.
Brownstein’s Stamford, Connecticut-based firm, Structured Portfolio Holdings, will launch a fund that buys and rents out homes, reports Bloomberg News, citing a June 12 letter from Brownstein to SPH investors.
“There will be a significant transformation in the way in which single family homes are owned and occupied in the United States,” Brownstein wrote. The new fund will acquire homes through distressed sales and rent them at a profit, possibly to the former owner. Ultimately, the idea is to sell the houses and “reap a profit from a recovery in prices.”
Brownstein’s SPM Core Fund, which has returned 8.7% year to date, reopened to new investment on June 1, hoping to capitalize on investment opportunities in government-backed agency mortgages, Brownstein said in his letter.
SPM also recently hired Sean Li from Blackrock, where he specialized in non-agency mortgages, and Munish Gupta from the investment management division of Morgan Stanley.
Brownstein, a philosophy prof turned fund manager, topped Bloomberg Markets’ 2010 list of the 100 best-performing hedge funds managing $1 billion or more. Brownstein’s flagship $1.2 billion Structured Servicing Holdings fund returned 50% in the first 10 months of 2010, having grown 135% in 2009.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…