Sunday, 3 May 2015
Last updated 1 day 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.
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…