Ellington Plans IPO For Subprime Fund

Apr 15 2009 | 11:55am ET

Ellington Fund Management is readying an initial public offering of its two-year-old sub-prime mortgage fund, it said yesterday.

Ellington Financial, the sub-prime-focused fund, said that it plans to file a registration statement with the Securities and Exchange Commission by the end of the third quarter. The registration statement is the first step towards an IPO for the fund, which launched in August 2007.

In the summer of 2007, Ellington Management founder Michael Vranos sought to raise $750 million in permanent capital for Ellington Financial.

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