Warren Ashenmil, who managed the commercial-mortgage backed securities and commercial real estate portfolio for multi-strategy credit fund Tricadia Capital since 2008, has left to start his own hedge fund called Jerica Capital.
Jerica will invest in CMBS and related securities. Those securities could include commercial real estate CDOs and resecuritisations, as well as debt and equity issued by real estate investment trusts. The fund also will take positions in the CMBX index and employ other hedges, including credit and equity index options.
Before joining Tricadia, Ashenmil was at Marathon Asset Management for approximately two years, originating structured products investments for one of its funds. Prior to that, he spent more than ten years as a banker, trader and investor in CMBS and commercial real estate debt and equity at Legg Mason Wood Walker, RBS Greenwich Capital, Daiwa Securities and Credit Suisse First Boston.
Ashenmil leaves Tricadia with an audited investment track record and is in the process of building his management and investment team. Jerica’s goal is to begin trading the fund with USD100m in the first quarter of next year. The vehicle’s terms have not yet been finalised but will likely include the industry standard two per cent management fee and 20 per cent incentive fee, though more favourable terms may be offered to early investors. Jerica is considering a one-year lockup period for all investors, before allowing quarterly redemptions with 90 days advance notice.