Feb. 22 (Bloomberg) -- Morgan Stanley, owner of the world’s largest brokerage, said it raised more than $450 million for an asset-management fund to invest in mortgage-related securities.
Morgan Stanley Investment Management closed the fund, the Morgan Stanley Opportunistic Mortgage Income Fund LP, the New York-based firm said today in a statement. The group will target total return from a “wide range” of mortgage-backed securities, according to the statement.
Morgan Stanley Investment Management, which has $287 billion in assets under management and is known as MSIM, joins investors including hedge-fund managers who profited from the subprime crash in 2007 in seeking yield from mortgage securities.
“We believe the $8 trillion mortgage-backed securities market presents compelling opportunities for investors to selectively purchase residential and commercial mortgage-backed securities at attractive yields,” Sheila Huang, head of the MSIM mortgage team, said in the statement.
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