BlackRock, Highfields Launch New Firm

Mar 24 2008 | 9:49am ET

Alternative investment firm BlackRock and hedge fund Highfields Capital Management have teamed up to launch a company that will acquire and restructure distressed residential mortgage loans.

The new company, Private National Mortgage Acceptance Company, or PennyMac, will raise capital from private investors, acquire loans from financial institutions seeking to reduce their mortgage exposures, and seek to create value for both borrowers and investors through distinctive loan servicing.

The new firm will be run by a management team made up of BlackRock and Highfields executives, led by Stanford Kurland, who will serve as PennyMac's chairman and chief executive officer.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note