Hedge Funds

Highland plans new MBS/ABS fund, portable alpha program

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Asset-backed and mortgage-backed securities specialist Highland Financial Holdings Group is launching a new hedge fund that will pool allocations to its existing strategies.

New York-based Highland, which is headed by Paul Ullman and Elias Katz, will begin offering the Highland Spectrum Fund in April with as much as $150 million in capital from an unnamed seed investor. The fund will combine investments in the firm's other two funds, Highland Opportunity Fund and the Highland Special Opportunity Fund.

The Spectrum fund will launch in April with as much as $150 million from one seed investor

At the same time, Highland