Toronto-based firm GMP launches "MAV" fund

Toronto-based GMP Investment Management has announced that it has launched a new fund to buy restructured Canadian structured credit. The Canadian ABCP Fund will focus on securities issued by the Master Asset Vehicles (MAVs) that were created from the ashes of the Canadian asset-backed commercial paper market. The firm claims particular expertise in these assets, which contain large exposures to leveraged super senior CDOs, having invested in them through its existing GMP Diversified Alpha Master Fund, which was launched in April 2008.

The firm’s two managing partner are Jason Marks, who was previously a senior official at TD Securities, and Kevin Barnes, a former CIBC managing director. The fund’s portfolio manager is Greg Foss, who is also ex-TD but who subsequently spent five years at working at buy-side firm Marret Asset Management.