Kensington Mortgages founder Martin Finegold has closed a £450m fund invested in US sub-prime mortgage debt as a result of the US sub-prime crisis.
Finegold, who is also the former chief executive officer of Trigold, set up London fund manager Cambridge Place with Goldman Sachs banker Robert Kramer in 2002.
One of its funds, called Caliber Global Investment, has now been closed and its assets will be sold after it suffered a net loss of $8.8m in Q1 in the US.
According to Wright Reports, an investor service, Caliber Global Investment’s objective is to preserve capital and provide stable returns to shareholders, both in the form of dividends and capital growth.
It invests in residential mortgage-backed securities and commercial mortgage-backed securities, and invests in companies and issuers which are exposed to or undertake mortgage and/or credit activities, interests in real estate and synthetic securities.