Prop. Traders Move Planned $100M Mortgage Hedge From Tandem To TIG

Sep 26 2012 | 12:28pm ET

Stuart Lippman and David Liu's planned mortgage fund at Tandem Global Management never materialized. So they've taken their idea—and more than $100 million in commitments—to a new home.

Lippman and Liu joined New York-based TIG Advisors earlier this month. The two left Tandem in July—just a month after joining the firm.

Lippman would not tell Bloomberg News what went wrong at Tandem, where his Mortgage Opportunity Fund was to debut at the end of June. Instead, he and Liu will launch the TIG Securitized Asset Fund on Oct. 1.

The new fund will trade seasoned subprime, lower-rated prime, Alt-A and option adjustable-rate mortgage-backed securities. More than half of the portfolio will be in residential mortgage-backed securities, with the rest in commercial MBS and asset-backed securities.

TIG will provide marketing, investor-relations, risk management, legal, compliance, technology and operations services.

In addition to Lippman, formerly of Royal Bank of Canada's proprietary trading group, and Liu, formerly a prop. trader at Bank of America, the Securitized Asset Fund will have a team of four others.


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