A former Lehman Brothers executive is prepping a $1 billion asset-backed securities hedge fund.

David Sherr, who recently left his post as head of Lehman’s securitization group, plans to open One William Street Capital Management by June.

The firm, which is named after Lehman’s former lower Manhattan headquarters, is backed by the investment bank, Bloomberg News reports.

Sherr spent 21 years at Lehman before leaving to found One William.

The fund is venturing into dangerous territory, proposing to trade the very asset- and mortgage-backed instruments that have destroyed several prominent hedge funds—including Sailfish Capital Partners and Peloton Partners—and brought down Bear Stearns.