Tricadia Real-Estate Manager Readies US$100M Hedge Fund

Oct 10 2012 | 1:36pm ET

Tricadia Capital's Warren Ashenmil has left the hedge fund to found one of his own.

Ashenmil's Jerica Capital will debut next year with US$100 million in assets. The firm will focus on commercial mortgage-backed securities, as well as related collateralized debt obligations, resecuritizations and real-estate investment trust shares and debt, HedgeWeek reports. Jerica will also use index hedges.

Ashenmil focused on similar areas at Tricadia, where he ran CMBS and commercial real-estate portfolios.

Jerica is currently hiring its management and investment teams. The firm is likely to charge 2% for management and 20% for performance, but its precise terms are still a work in progress. They could include fee discounts for early investors, a one-year lockup and quarterly redemptions with three months' notice.

Ashenmil joined Tricadia from Marathon Asset Management in 2008. His résumé also includes stints at Legg Mason Wood Walker, RBS Greenwich Capital, Daiwa Securities and Credit Suisse First Boston.

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