An affiliate of Ellington Fund Management, an Old Greenwich, Conn.-based hedge fund specializing in mortgage bond investments and CDOs, plans to go public, the company said in a statement on Tuesday.

Ellington was founded in December 1994 with an investment from the Ziff family and Ellington’s six founding partners. Five of the founders are former members of Kidder Peabody’s MBS trading and research group while one, Laurence Penn, spent a decade at Lehman Brothers where he ran the company’s collateralized mortgage obligations, or CMO, trading.

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