Ellington Management | Hedge Fund Tracker Tool

Ellington Management

Ellington Management | Hedge Fund Notes


The following piece on Ellington Management is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.
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Resource #1: (1.22.09) Ellington Management Group LLC, the hedge-fund firm focused on mortgage bonds, sued Ameriquest Mortgage Co. and other ACC Capital Holdings units over soured subprime home loans.

Funds run by Old Greenwich, Connecticut-based Ellington saw the value of $354 million of investments in securities backed by the loans “largely lost” following misrepresentations about the debt’s risks, according to a complaint filed Jan. 14 in federal court in New York.

Ellington joins M&T Bank Corp. and HSH Nordbank AG in turning to the courts to recoup losses from bad mortgage bonds. Insurers including PMI Group Inc. and MBIA Inc. have sought to recover or block claims through lawsuits. Ameriquest’s lending failed to meet its own guidelines when it didn’t verify borrowers’ employment, ignored past late payments and misstated whether they lived in properties, according to the complaint. source

Resource #2: (12.8.08) The latest hedge fund hit by the restructuring bug is Ellington Management Group, which has segregated illiquid assets in its flagship fund and laid off staff.

The Old Greenwich, Conn.-based firm has split its Ellington Overseas Partners fund, Bloomberg News reports. Hard-to-sell assets have been hived off into a separate fund, allowing Ellington to avoid distressed sales at rock-bottom prices. Last year, the firm suspended redemptions from two funds which also had difficulty valuing illiquid assets. source

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