Another day, another subprime blowup

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The London-listed $908mm Caliber Global Investment fund managed by Cambridge Place Investment Management LLP is liquidating its remaining assets and shutting down within the year. The culprit - a majority of the fund is invested in US mortgage backed securities.
Former Goldman bankers Martin Feingold and Robert Kramer founded Cambridge Place in 2002. The Caliber fund reported a $9mm Q2 loss and retained Lazard to review strategic initiatives. The strategy going forward is that there is no forward. It's that kind of out of the box thinking that makes I-banks useful (thank you, that’ll be $3mm).
The Caliber shutdown follows another UK fund shakedown from subprime issues. Earlier this week, Queen's Walk Investment reported a $91mm annual loss. The fund is managed by Cheyne Capital Management.
Cambridge Place's Caliber Fund Shuts on Subprime Loss [Bloomberg]

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