Wednesday, 1 October 2014
Last updated 13 hours ago
May 28 2009 | 11:05am ET
Newly formed specialty finance firm Sutherland Asset Management Corp. has filed a preliminary prospectus with for an initial public offering.
Sutherland will acquire agency and non-agency mortgage-backed securities, residential mortgage loans, asset-baked securities and other financial assets.
“We will initially focus our strategy on acquiring highly rated tranches of non-agency MBS in combination with agency MBS assets,” according to the firm.
The firm will employ derivatives, including interest rate swap agreements and interest rate cap agreements, to hedge the interest rate risk associated with the financing of its portfolio. It will be externally managed and advised by Waterfall Asset Management, a high-yield, asset-backed securities shop, which is backed by M.D. Sass-Macquarie Financial Strategies, a private equity fund managed by M.D. Sass and the Macquarie Group.
“We believe that our target assets currently present highly attractive risk-adjusted return profiles,” said the firm. “In addition, we believe that current distressed conditions in the financial markets present opportunities for us to acquire our target assets at significantly depressed trading prices and higher yields compared to prior periods. We also believe that recent governmental and central bank actions may positively impact our business, providing us with access to financing as well as opportunities to acquire assets at attractive prices.”
Sutherland’s investment committee will be comprised of Thomas Capasse, Jack Ross and Dominic Bruno. Capasse and Ross are co-founders of Waterfall Asset Management, which currently manages the Eden Fund, Victoria Fund, as well as a limited number of separate accounts that focus primarily on ABS.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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