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New Fund Looks To Put Cash To Work

Cedarview Capital Management, a new high-yield fund based in New York, is in the process of investing $50 million in high-yield assets, said Jeff Schachter, chief operating officer in New York.

Cedarview Capital Management, a new high-yield fund based in New York, is in the process of investing $50 million in high-yield assets, said Jeff Schachter, chief operating officer in New York. "We're looking to go where the opportunities are," he said, declining to be more specific. The fund will employ a long/short high-yield strategy and will invest in corporate bonds, credit derivatives and bank debt, with a pocket for distressed debt. The fund will be one to two times levered.

On the hiring front, Cedarview Capital is looking to hire up to seven generalist analysts as it seeks to grow assets under management, stated Schachter. He noted the timing is right for both him and his partner Burton Weinstein, who was senior portfolio manager at Aviary Associates and is cio of the new fund. Schacter previously was a managing director at broker SAMCO Capital Markets in New York. Cedarview Capital is sponsored by Capital Z Investments, an institutional sponsor of alternative asset managers with $2.25 billion under management.

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