Monday, 20 October 2014
Last updated 8 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...