Sunday, 21 September 2014
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.