Thursday, 24 July 2014
Last updated 8 hours ago
Oct 29 2012 | 9:25am ET
Joe Sullivan has been named chief operating officer of Illumination Asset Management, a distressed mortgages and structured credit hedge fund founded by Todd Sherer and Chris Gaughan.
Sullivan joins Los Angeles-based Illumination from Jeffrey Gundlach's DoubleLine Capital, where he served as chief financial officer. Prior to that he was the chief operating officer of Piping Ridge Advisors, a quantitative and technically driven equity long/short hedge fund, and before that he served as both COO and chief compliance officer at hedge fund Peconic Partners (formerly Forstmann-Leff Associates). Prior to joining Forstmann-Leff, Sullivan worked at Dreman Value Management, Hyperion Capital Management, Merrill Lynch’s investment banking division, Standard & Poor’s, Shearson Lehman Hutton, Colt Industries and the public accounting firm Wiss & Company.
Illumination was founded by Sherer, Gaughan and a team of professionals from Dalton Investments and Countrywide Securities. The firm invests in distressed mortgage-backed securities, structured credit and related investments and is a continuation of strategies managed by Sherer between 2008 – 2012.
Sherer's strategies generated average annual returns of 45.1% (net of fees) between June 2008 and June 2012 while managing average assets of $240 million and peak assets of approximately $450 million.
IAM's first fund, the Credit Opportunities Fund, focuses on residential mortgage-backed securities without U.S. government backing, a market worth an estimated $1 trillion. The vehicle launched this month with $205 million.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…