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A Hedge Fund Gambles on Death

BusinessWeek – The market for exotic securities hasn’t entirely gone away. It’s just gone underground—-six feet under, to be precise.

Hedge fund Davidson Kempner Capital Management is plunging into life settlements—a market in which speculators buy-up unwanted life insurance policies from wealthy individuals looking to score some quick cash. The $10 billion New York-based fund is planning on selling so-called “death bonds” to overseas investors, as part of a plan to potentially raise cash to finance its life settlements acquisition business.

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