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词条 Draft:Ellington Management Group
释义

  1. History

  2. Notable investments

  3. Subsidiaries

  4. References

Ellington Management Group is a multi-million dollar hedge fund operation.[1] As of December 2017, the firm was reportedly managing $6.5b in credit hedge fund and long-only strategies.[2]

History

The firm was co-founded in 1994 by Mike Vranos and Laurence Penn with funding from Ziff Brothers investments.[3] By the end of 1995 the firm had become a three-fund operation with a variety of assets.[4]

Ellington was affected by the Long-Term Capital Management debacle in 1998.[5] For a few days in mid-October, the firm sold mortgage securities to lower its funds' leverage.[6][7] The firm issued a public statement describing its borrowings to quell public fears, which was considered unusual for hedge funds at the time.[8] It clarified that although it was meeting margin calls by unloading hundreds of millions of dollars in assets over a two-day period, losses were limited.[9] One report suggests some of Ellington's hedge funds may have temporarily lost around 25% of their value as they liquidated $2 billion in assets[10] after allegedly missing a margin call from UBS.[10][11] However, from its December 1994 inception through April 2004, the firm delivered a composite annualized return of 15.4%, after fees.[12]

Notable investments

In 2000, Ellington bid on Laser Mortgage Management Inc., a mortgage real estate investment trust that was considering closing, but ultimately did not purchase it.[13] Various of Ellington's funds have invested in distressed mortgage-backed securities over time.[14] By 2004 their $3 billion in hedge fund assets included mortgage derivatives.[15] In October 2007, as the future credit performance of residential mortgages became increasingly uncertain, one of the funds is reported to have fallen in value by 22%[16] and to have temporarily suspended redemptions pending greater clarity around valuations.[17] As of 2007, Ellington Management managed $5.4 billion in hedge funds and private accounts, and an additional $1.2 billion in a managed account, while also managing almost $23 billion in collateralized debt obligations.[10] In 2014 an office was opened in London, England in order to expand into the European market.[18]

Subsidiaries

In June 2007, Ellington Financial LLC was launched.[19] The offering primarily targeted investments in non-agency mortgage-backed securities. The deal was underwriten by Friedman Billings Ramsey and although originally slated for a $750 million offering,[19] evolving market conditions only allowed for a $250 million capital raise.[16] Before the private placement, a New York Times columnist noted that a portion of the private placement might be used to purchase risky tranches from bankrupt subprime lender New Century Financial Corporation and noted the potential difficulty in valuing such instruments.[19] In October 2010, Ellington Financial LLC went public, debuting on the NYSE.[20] According to its public filings, Ellington Financial invests primarily in non-agency mortgage-backed securities, but also holds agency pools and other mortgage-related securities, and had a total return of 59% between its August 2007 inception and the end of 2011.[21]

Ellington Residential Mortgage REIT, chaired and founded by Mike Vranos, went public on the NYSE after its IPO in late 2013, trading under the ticker symbol EARN.[22]

References

1. ^{{cite web|archiveurl=https://web.archive.org/web/20071212193441/http://www.ellington.com/team.html|archivedate=2007-12-12|url=http://www.ellington.com/team.html|accessdate=2007-12-09|publisher=Ellington Management Group, L.L.C. |title= Ellington: An Experienced and Successful Team}}
2. ^{{cite web|url=http://www.pionline.com/article/20171225/PRINT/171229951/hedge-fund-managers-eager-to-see-return-of-disruption-volatility|title=Hedge fund managers eager to see return of disruption, volatility|last=Williamson|first=Christine|date=25 December 2017|publisher=Pensions & Investments|access-date=5 February 2018}}
3. ^{{cite web|url=https://www.wsj.com/articles/SB908222981947267000|title=Vranos's Ellington Management Sells Big Chunks of Hedge Fund's Holdings|last=Pacelle|first=Mitchell|date=13 October 1998|publisher=Wall Street Journal|access-date=5 February 2018}}
4. ^{{cite web |url=http://www.bauer.uh.edu/rsusmel/7386/ell.htm |author=Chris Byron |accessdate=February 10, 2014 |title=Another harrowing hedge fund tale |publisher=MSNBC}}
5. ^{{cite news|url=https://query.nytimes.com/gst/fullpage.html?res=9E07E1DD173AF930A25753C1A96E958260|title= THE MARKETS: Market Place; Still Another Hedge Fund Seems to Be in Financial Peril|date=1998-10-13|accessdate=2007-12-09|publisher=The New York Times Company|author=Reed Abelson}}
6. ^{{cite web|url=http://www.highbeam.com/doc/1P2-693462.html|archive-url=https://web.archive.org/web/20140611093107/http://www.highbeam.com/doc/1P2-693462.html|dead-url=yes|archive-date=2014-06-11|title=Digest|accessdate=2012-04-22|date=1998-10-13|work=The Washington Post|subscription=yes|quote=Ellington Capital Management, a hedge fund run by former Kidder, Peabody trader Michael Vranos, offered $1.5 billion in mortgage securities yesterday, traders said, despite weak investor demand for mortgages.}}
7. ^{{cite web|url=http://www.highbeam.com/doc/1N1-108490F7267D4D1A.html|archive-url=https://web.archive.org/web/20140611093049/http://www.highbeam.com/doc/1N1-108490F7267D4D1A.html|dead-url=yes|archive-date=2014-06-11|title=Picking Up The Bond Pieces While Waiting For The Next Shoe To Drop|accessdate=2012-04-22|date=1998-10-14|work=Post-Tribune|subscription=yes|quote=Monday was a holiday for the bond market, but it was a work day for some trading desks attempting to find buyers for securities and derivatives that leveraged funds were forced to liquidate to meet margin calls. Come Tuesday, the newspapers were reporting that Ellington Fund, run by former Kidder, Peabody mortgage whiz Michael Vranos, had become the latest casualty of the great deleveraging trade of 1998, driven by a huge widening of credit spreads that punished holders - indiscriminately - of all instruments except those issued by the U.S. Treasury.}}
8. ^{{cite news|url=https://query.nytimes.com/gst/fullpage.html?res=9404E5D61E3AF93BA25753C1A96E958260|title= INVESTING: DIARY; Pssst. . .We Have No Problems At This Hedge Fund. Really.|accessdate=2007-12-09|date=1998-10-18|publisher=The New York Times Company|author=Abelson, Reed}}
9. ^{{cite news|url=https://query.nytimes.com/gst/fullpage.html?res=9500E1DE1F3DF937A15753C1A96E958260|title= Hedge Fund Firm Says It Covered Its Losses|accessdate=2007-12-09|date=1998-10-18|publisher=The New York Times Company}}
10. ^{{cite web|url=http://www.highbeam.com/doc/1P2-4954607.html|archive-url=https://archive.today/20120907223419/http://www.highbeam.com/doc/1P2-4954607.html|dead-url=yes|archive-date=2012-09-07|title=UBS hedge fund exposure|accessdate=2012-04-22|date=1998-10-17|work=The Independent|subscription=yes|quote=UBS last night refused to comment on reports that it had liquidated $250m of bonds held as collateral after Ellington allegedly missed a margin call this week.}}
11. ^{{cite book |url=https://books.google.com/books?id=Z7qTGiF8FCgC&pg=PA440&lpg=PA440&dq=Michael+Vranos+scandal&source=bl&ots=lDfdpjrYHb&sig=cRVp2nUKKqEugmQUQtxwFnDbMsc&hl=en&sa=X&ei=OpcoU8TAIuGNygH1mICQBQ&ved=0CEMQ6AEwBA#v=onepage&q=Michael%20Vranos%20scandal&f=false |page=440 |accessdate=March 18, 2014 |title=A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform |author=Jerry W. Markham |publisher=M.E. Sharpe |year=2006}}
12. ^{{cite news|url=https://www.bloomberg.com/apps/news?pid=nifea&&sid=af0p0runDaRE|archive-url=https://web.archive.org/web/20121025153007/http://www.bloomberg.com/apps/news?pid=nifea&&sid=af0p0runDaRE|archive-date=2012-10-25|title=Ellington's Vranos Says He Won't Crash Again Amid Rate Increase|accessdate=2009-08-30|date=2004-06-29|publisher=Bloomberg News|deadurl=yes}}
13. ^{{cite news|url=https://query.nytimes.com/gst/fullpage.html?res=9903E4DB173CF935A35753C1A9669C8B63|title= REIT Considers Closing|accessdate=2007-12-10|date=2000-10-06|publisher=The New York Times Company}}
14. ^{{cite web|url=http://www.highbeam.com/doc/1P2-10027865.html|archive-url=https://web.archive.org/web/20140611093057/http://www.highbeam.com/doc/1P2-10027865.html|dead-url=yes|archive-date=2014-06-11|title=Ellington, Citadel, Marathon Emerge as Distressed Players|accessdate=2012-04-22|date=2007-07-31|work=Daily News|author=Trincal, Emma|subscription=yes}}
15. ^{{cite web |url=https://www.bloomberg.com/apps/news?pid=newsarchive&refer=&sid=af0p0runDaRE |author=Michael Peltz |accessdate=March 18, 2014 |title=Ellington's Vranos Says He Won't Crash Again Amid Rate Increase |date=June 29, 2004 |publisher=Bloomberg}}
16. ^1 {{cite news|url=https://www.wsj.com/articles/SB119690826229115376 |title=Vranos May Try to Reopen Ellington Credit Fund|publisher=Dow Jones & Company, Inc.|work=The Wall Street Journal Online|accessdate=2007-12-09|author=Zuckerman, Gregory|date=2007-12-06}}
17. ^{{cite news|url=https://www.wsj.com/articles/SB119214581308956665|title=U.S. Investors Face An Age of Murky Pricing|publisher=Dow Jones & Company, Inc.|work=The Wall Street Journal Online|accessdate=2007-12-10|author=Pulliam, Susan, Randall Smith and Michael Siconolfi|date=2007-10-12}}
18. ^{{cite news |url=http://www.ft.com/intl/cms/s/0/161bd900-6a73-11e3-b47d-00144feabdc0.html#axzz2xxUud3y4 |accessdate=April 4, 2014 |publisher=Financial Times |date=December 22, 2013 |title=US hedge funds set to expand in Europe |author=Stephen Foley}}
19. ^1 2 3 4 {{cite news|url=https://select.nytimes.com/2007/07/22/business/yourmoney/22gret.html?_r=1&oref=slogin|title=Mr. Vranos Has a Deal for You|accessdate=2007-12-10|date=2007-07-22|publisher=The New York Times Company|author=Morgenson, Gretchen}}
20. ^{{cite web|url=http://www.highbeam.com/doc/1G1-239403861.html|archive-url=https://web.archive.org/web/20140611093053/http://www.highbeam.com/doc/1G1-239403861.html|dead-url=yes|archive-date=2014-06-11|title=In Hindsight|accessdate=2012-04-22|date=2010-10-15|publisher=Investment Dealers' Digest via Highbeam|subscription=yes}}
21. ^{{cite web|url=https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001411342&action=getcompany|title=Securities and Exchange Commission EDGAR Filings|accessdate=2012-04-28}}
22. ^{{cite web |url=http://www.nasdaq.com/markets/ipos/company/ellington-residential-mortgage-reit-892003-72155 |title=EARN IPO |accessdate=February 11, 2014 |publisher=NASDAQ}}
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