IMC's Berring Prepping New Structured Credit Hedge Fund

Sep 28 2016 | 9:50pm ET

Former IMC Asset Management portfolio manager Simon Berring is launching a new structured credit hedge fund that will focus on securitized consumer and residential credit assets in esoteric, and under-invested segments of the structured credit market.

Berring will look to take advantage of technical weaknesses in credit niches where strong fundamentals and weak prices have created investment opportunities, according to information provided to FINalternatives by a person familiar with the matter. The fund’s opportunity set is further driven by declining participation from major dealers and missteps/retrenchment among several of the larger hedge funds that were focused on less liquid credit markets. 

Berring reached an agreement to lift the credit strategy team, IP and track record out of Chicago-based IMC Asset Management earlier this year, the source said. He is joined at the new firm, named Ayin Capital Management LP, by IMC colleagues Elena Liahovetsky and Steven van der Voort, who were formerly head of research and head of U.S. securitized product trading, respectively, at IMC.

The new company is currently investing $40 million of initial anchor capital into its strategy, and hopes to raise an additional $100 million for its flagship Ayin Credit Opportunities Fund, the person added. Initial allocations reportedly target allocation second lien and esoteric RMBS, ABS backed by small balance commercial and consumer loans, marketplace lending, and private student loans. 

Ayin plans to launch the new fund in the fourth quarter of this year. While at IMC, Berring’s IMC Credit Fund booked annualized returns of 13% with relatively low volatility of 5% since 2009, and was up 4.4% last year. 


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