--Aaron Johnson
After less than nine months of operation as a collateralized debt obligation manager, CirclePoint Asset Management is branching out and raising money for non-CDO funds that will invest in mortgage-backed securities, according to a source close to the company. The company is making the move to diversify its business as the CDO new issue market dries up. Further details, including the number and size of the funds, could not immediately be gleaned.
CirclePoint was established in February and is a unit of Marubeni, a Japanese trading company.