Hedge Funds

Credit specialist focuses on structured securities

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Rimrock Capital Management plans to launch a hedge fund that will take long positions in battered asset-backed residential mortgage and subprime securities.

Rimrock's High Quality ABS Opportunity Fund launched on January 17 with roughly $25 million of capital.

Rimrock, headquartered in San Juan Capistrano, Calif., will manage the fund, and Manhattan Beach, Calif.-based Saye Capital Management will act as subadvisor.

Jeff Saye, founder of Saye Capital, will co-manage the new funds with Dave Edington and Chris Chester, both managing directors at Rimrock.

The fund will return assets to investors in roughly two years. Its investment strategy centers on a