Ex-RBC, BofA Traders Leave Tandem to Start Fund at TIG
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Former Royal Bank of Canada and Bank of America Corp. proprietary traders plan to start a mortgage-focused structured-credit hedge fund at New York-based TIG Advisors LLC after leaving Tandem Global Management LP.
Stuart Lippman, 40, formerly a managing director and senior portfolio manager in the non-agency mortgage credit business of Royal Bank of Canada’s proprietary-trading group, and David Liu, 43, who managed portfolios in the global proprietary-trading group at Bank of America, left Tandem in July, where they had sought to start a mortgage fund, Lippman said in a telephone interview. He declined to comment on the reason for the departure.