Ex-Structured Portfolio Management Execs Form New MBS Fund

Jan 25 2017 | 9:21pm ET

A team of executives from Don Brownstein’s $2 billion credit hedge fund Structured Portfolio Management have founded a new firm that will focus on commercial and residential mortgage-backed securities. 
 
The new firm, named Nara Capital Partners, plans to launch its master fund in March with $150-$200 million in capital, according to a Reuters article quoting co-founder Charles Smart. 
 
Smart managed SPM’s Structured Servicing Holdings fund for six years before leaving in March of last year. The fund performed well under his tenure, gaining 28% in 2012, 4.2% in 2013, 10.5% in 2014, and 4% in 2015, Reuters data shows. 
 
Beforehand joining Structured Portfolio Management in 2008, Smart was a senior mortgage trader for Deutsche Bank Securities and previously held trading positions at FTN Financial, Nomura and Citibank.
 
Joining Smart in the new venture is former SPM head of global marketing Alex de Calice, former SPM portfolio managers Joe DeGregorio, Munish Gupta and Frank O'Neill, risk manager Qian Yang and CTO Kyle Johnson, the article said. 
 
Nara Capital is based in New York and has reportedly been seeded by an as-yet unidentified European investor. 

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