Securitization professionals Tom Capasse and Jack Ross entered into a partnership with long-time asset manager M.D. Sass to start a new distressed ABS opportunity hedge fund.

Capasse and Ross, who launched their investment company, Waterfall Asset Management in January, have plans to launch the new hedge fund, called Waterfall Eden Fund, before the end of the month. Specific details, such as how much start-up capital Waterfall plans to raise, were not immediately available.

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