Ellington Management taking Ellington Financial Public

July 15th, 2009
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Specialty finance company Ellington Financial LLC has filed with the SEC for a $200 million common stock IPO, reports the Wall Street Journal. The company, an affiliate of hedge fund manager Ellington Management Group, invests in mortgage backed securities and other types of derivatives.

According to the source, Ellington Financial was formed with a $250 million investment from its affiliate in August 2007. The company has managed to post a net gain from its derivatives contracts during the first quarter of this year of $19.8 million, up from $1.5 million the previous year. Capital proceeds from the IPO will be used to acquire “targeted assets within six months of the offering” in order to continue posting such gains. The company will be listed on the NYSE under the ticker “EFC.”
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For Detailed Investor Profiles on these Investors, click below:
Ellington Management Group LLC
Related People: Michael Vranos
Related Entities: Ellington Credit; Ellington Emerging Markets; Ellington Financial; Ellington Mortgage Partners; New Ellington Partners
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Launches and Hedge Fund Closings

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