400 Adds Agency Specialist

Nov 20 2013 | 10:29am ET

Credit hedge fund 400 Capital Management has hired a Bank of America Merrill Lynch vet to lead its push into agency mortgage debt.

Jason Yeung has been named head of agency mortgage strategies at the New York-based firm. He is the 13th member of 400's investment team.

400 invests primarily in mortgage-backed securities.

"We anticipate the sector will offer a number of compelling—and unprecedented—trading opportunities as the Fed withdraws its artificial support of agency MBS, the curve transitions to higher rates and credit-driven criteria complement and drive payment incentives," 400 founder Chris Hentemann, a former head of global structured products at BofA, told investors in his third-quarter letter.

The $815 million hedge fund is up 10.84% through the end of September.


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