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From Kirsten Bischoff, Opalesque New York:
Richard Haydon, former senior portfolio manager and managing director at Neuberger Berman's Straus Group formed New York-based, multi-asset investment firm Yield/Capital Appreciation Partners (Y/CAP) in May of this year and has announced the launch of a total return debt and equity portfolio.
According to information released by Y/CAP the portfolio will be built with investment grade debt, high yield convertible bonds, and preferred and distressed securities in large-, mid-, and small-cap companies.
"The Y/CAP strategy is pretty unique and has a broad appeal in the current market environment," said Richard Del Bello, Senior Partner at Conifer Securities told Opalesque. Conifer won the YCAP business and will provide the firm with comprehensive services including technology, fund administration, and middle office capabilities.
Launches have picked up over the past few weeks, and large prime brokerage firms such as Morgan Stanley are renewing their focus on capital introduction for their hedge fund clients. However, funds are still launching with assets that are a fraction of what they used to be (Y/CAP, like many firms that launched in 2009 has assets under $100m). Additionally, many of these new funds are founded by portfolio managers spinning out of banks and looking to maintain the momentum of strong, e...................... To view our full article Click here
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