Tuesday, January 25, 2011

HOW Smart $$$ Got Mortgage Windfalls (Hedge funds soar on mortgage plays)

"The career change paid off. Brownstein founded Structured Portfolio Management, a company managing $2 billion in five partnerships. His flagship fund, Structured Servicing Holdings, returned 50 percent in the first 10 months of 2010, putting him first in Bloomberg's ranking of the 100 best-performing hedge funds managing $1 billion or more.

The $1.2 billion fund rocketed 135 percent in 2009.

In percentage terms, Brownstein, 67, beat out funds run by bigger, better-known competitors, including Ray Dalio's Bridgewater Associates. Dalio, though, has three funds in the top 15. Brownstein also topped Steven Cohen's SAC Capital International (No. 53)."

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