Wednesday, 27 August 2014
Last updated 14 hours ago
Jun 27 2012 | 12:32pm ET
Tandem Global Management has added a pair of former bank proprietary traders to launch a mortgage hedge fund, the latest in a string of such funds planned by hedge fund firms and banks.
Stuart Lippman and David Liu will offer the Tandem Mortgage Opportunity Fund at the end of next month, Bloomberg News reports. The vehicle will trade U.S. non-agency mortgage-backed securities, commercial MBS and other asset-backed securities.
"We view the opportunity set for smaller-sized managers in the space as extremely interesting at the moment," Lippman said. "Since the end of the first quarter the market has experienced some retracement and dislocation providing entrants with an excellent opportunity set across asset types."
Tandem Mortgage is expected to debut with some $100 million in initial assets. Lippman, who serves as its chief investment officer, said he expects to garner up to $500 million for the fund within a year-and-a-half, and that he and Liu are currently raising money for it.
Lippman was most recently a senior portfolio manager trading non-agency mortgage credits at the Royal Bank of Canada, after a stint at UBS. Liu, who serves as the new funds chief strategist and portfolio manager, was a prop. trader at Bank of America; he also formerly worked at UBS, as well as Deutsche Bank.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...