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News Ex-Citadel managing director’s structured credit hedge fund secures seed deal

Hedge Funds Review – Grosvenor Capital Management has committed $85 million in seed capital for a structured credit hedge fund started by a group of former Citadel executives.

Continuum Investment Management expects to launch its maiden hedge fund on February 1 with close to $100 million in assets, including $85 million in seed capital from fund of hedge funds manager Grosvenor Capital Management.

The fund will take a multi-strategy approach to investing in structured credit markets, focusing on pre-payment and credit-centric trades in residential and commercial mortgage-backed securities (RMBS and CMBS) and other asset-backed securities.

Continuum is led by Kevin Scherer, a former managing director and senior portfolio manager at Citadel. From 2008 to 2011, Scherer managed Citadel’s Single Investor Fund, which primarily invested in agency and non-agency RMBS. Prior to Citadel, Scherer spent 8 years at Midway Group, a mortgage-focused hedge fund he co-founded in 2000.

Continuum’s management team includes three of Scherer’s former colleagues at Citadel: senior portfolio manager Brian McDonald, chief technology officer Jimmy Rizos and head of research and development Stephen Cameron. Chief operating officer Greg Scarffe joins from Credit Suisse, where he was a prime brokerage executive.

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