Tuesday, 21 October 2014
Last updated 8 hours ago
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.
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 ...