Monday, 25 May 2015
Last updated 2 days ago
Jun 17 2008 | 9:52am ET
A pair of Friedman Billings Ramsey veterans is set to launch their first hedge fund, investing in mortgage securities, with at least $100 million.
Michael Youngblood and Steve Gaenzler’s Five Bridges Capital will debut in the next 30 to 60 days, Reuters reports. The Mortgage Opportunity Fund will invest in undervalued mortgage assets, focusing initially on non-agency mortgage securities.
“It’s not a vulture fund,” said Youngblood, in an interview. “It’s a relative-value fund. We are old-fashioned bond pickers.”
Youngblood said he hopes the fund will grow to $1 billion.
Youngblood and Gaenzler said last week they were leaving FBR Investment Management to found Washington, D.C.-based Five Bridges. The new firm has already hired an FBR colleague, senior quantitative analyst Jason Hu, and will add another three professionals in the near future.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…