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Bailey McCann, Opalesque New York for New Managers:

New York-based Ayin Capital Management, a new hedge fund firm founded by Simon Berring, who was previously portfolio manager at the IMC Credit Fund, has launched a new fund focused on niche and esoteric structured credit investment opportunities. According to sources familiar with the fund, Ayin will start with $40 million of anchor capital from former IMC investors.

In May, Berring founded Ayin Capital Management, after reaching an agreement with IMC Asset Management to lift out the credit strategy’s team, intellectual property, analytical infrastructure, and track record. Berring is joined by partners Elena Liahovetsky, formerly Head of Research at the IMC Credit Fund, and Steven van der Voort, previously Head of US Securitized Product Trading.

At IMC, Berring and his team had a track record of 13 percent annualized returns with volatility of 5 percent since 2009. At its peak, the IMC fund had approximately $225 million of assets under management. The fund ended 2015 up 4.4 percent.

Sources familiar with the fund's strategy say it will take advantage of technical weaknesses in credit niches, where strong fundamentals and weak prices have created compelling investment opportunities. The strategy is driven by declining participation from major dealers and missteps/retrenchment among several of the larger hedge funds that w......................

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