Morgan Stanley Investment Management (MSIM) has announced that the Morgan Stanley Opportunistic Mortgage Income Fund LP, which is a fund for RMBS and CMBS investments, held its final close with over $450 million in capital commitments.
The fund's objective, according to a release from MSIM, is to maximize total return by targeting a wide range of mortgage-related securities investments that might provide strong cash flow yields under various scenarios. It will be managed by the MSIM global fixed income group.
“The MSIM fixed income mortgage team has considerable expertise conducting security selection, analyzing credit and managing risks within the complex mortgage market,” said Michael Kushma, chief investment officer of MSIM global fixed income. “This strong fundraising effort speaks to our track record of experience and achievement as well as to our clients’ expectations that the team will be able to exploit the current set of mortgage-related investment opportunities.”
“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,” said Sheila Huang, head of the MSIM mortgage team. “The Opportunistic Mortgage Income Strategy combines a proprietary analysis of individual mortgage-backed securities with a portfolio-level hedging strategy to confidently navigate this market.”
MSIM, along with its investment advisory affiliates,has 620 investment professionals worldwide and roughly $287 billion in assets under management at December 31, 2011.