BlueMountain increases RMBS presence

David Burt, who is the co-founder of hedge fund AlderTree Capital Partners, might be heading up BlueMountain Capital Management's new flagship credit alternatives fund, which invests in RMBS and derivatives backed by such securities, according to the Financial Times. The firm, which has over $3.5 billion of assets under management, has also hired Erik Larson. Larson, who formerly was a lead analyst and chief technology officer at AlderTree, will be the primary ABS credit analyst at BlueMountain. According to the news report, BlueMountain is going to purchase AlderTree's proprietary analytics and technology platform as part of its move into the RMBS market.