-Former banker launches foreclosed home fund.
Global Banking News - 02 August 2012
According to Reuters, Oliver Chang, a former head of US housing strategy at Morgan Stanley (NYSE: MS), has announced that he will launch a foreclosed home fund.
Chang said that his investment firm intends to spend up to USD1bn to acquire distressed, single-family homes over the next two years. The firm, Sylvan Road Capital, is to launch its operations with a USD300m investment from an undisclosed private equity firm.
The new asset management firm will focus on acquiring foreclosed homes across the United States to rent them out.
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