Euromoney Liquid real estate March 2007
Orn Capital, the hedge fund manager backed by Morley Fund Management, has launched the first property derivatives-only hedge fund. Its move reflects the rapidly expanding property derivatives market.
“This fund will focus on relative value in the property derivatives market. We will look at the implied valuations for property returns and when there are anomalies in the swap spreads over the Investment Property Databank (IPD), due to shifts in market sentiment, we will capitalise on these movements,” says Chris Iley, portfolio manager of the Orn Capital fund which is aiming for returns of 15% with 7% volatility.
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