Public-Private Investment Partnership Liquidates; 18.3% Internal Rate
of Return to Treasury
announced it has returned substantially all of its proceeds, at a
profit, from its
of the Treasury. Treasury will receive
million in warrant proceeds), in addition to the previously
distributed
rate of return of 18.3% since the Fund's inception in October, 2009.
In March, the Fund also repaid, with interest, the last of the $1.2
billion in loans that Treasury funded over the life of the Fund. The
Fund was managed by a joint venture between WL Ross & Co. and
Fixed Income.
(Logo: http://photos.prnewswire.com/prnh/20110131/MM39469LOGO-a)
"The success of this PPIP fund proves that government and private
sector professional investors can collaborate successfully," said
chairman and CEO of WL Ross & Co. LLC. "The PPIP program has
resuscitated the private label mortgage-backed securities market and,
at least in our case, resulted in a handsome profit to Treasury. We
are proud to have participated in it."
"As managers of the mortgage-backed securities eligible for PPIP, our
overriding goal was to maximize the return for the Treasury and our
other investors. That goal dictated the timing of the sale, and we
believe that is what we achieved," said
Taxable Fixed Income and Global High Income, Invesco Fixed Income, a
co-manager of the Fund.
Treasury announced the Public-Private Investment Program in
as part of the
— a comprehensive framework to stabilize the financial system,
including addressing the challenges facing the market for legacy real
estate-related assets in the wake of the 2008 financial crisis. PPIP
was designed, in part, to support market functioning and facilitate
price discovery in the non-agency residential mortgage- backed
securities and commercial mortgage-backed securities markets, helping
banks and other financial institutions re-deploy capital and extend
new credit to households and businesses. The Invesco Mortgage Recovery
Fund was one of eight active Public-Private Investment Funds in the
program. Under the program, the Fund held its initial closing in
million in equity capital from Treasury,
capital from private investors, and
Treasury.
residential and commercial mortgage loans as well as structured
securities and other real estate related opportunities on an
opportunistic basis without Treasury funding.
Internal Rate of Return is based on daily cash flows and is calculated
net of fees and expenses, as of
About WL Ross & Co. LLC
WL Ross & Co. LLC, the distressed investment affiliate of
founded by
than
including financial services, steel, energy, textiles, shipping,
automotive components, single family mortgage servicing and
originations, insurance and railcar and aircraft leasing.
About Invesco Fixed Income:
Invesco Fixed Income manages more than
assets as of
professionals, the group offers a complete range of global and
domestic asset classes, from cash to alternative fixed income, that
seek to outperform through a variety of market conditions. Its
investment vehicle options include separate accounts, mutual funds,
collective trust funds and exchange-traded funds.
About
to helping investors worldwide achieve their financial objectives. By
delivering the combined power of our distinctive investment management
capabilities,
and vehicles to our retail, institutional and high net worth clients
around the world. Operating in more than 20 countries, the company is
listed on the
SOURCE
-0-
/CONTACT:
/Photo: http://photos.prnewswire.com/prnh/20110131/MM39469LOGO-a
PRN Photo Desk, photodesk@prnewswire.com
(NYSE:IVZ) /
CO:
ST:
IN: FIN MFD
SU: TNM
PRN
— CL81415 —
0000
| Copyright: | (c) 2012 The Associated Press |
| Source: | Associated Press |
| Wordcount: | 725 |
Study Reveals Retirement Plans of African-Americans, Hispanics Hit Hard
MGIC Mortgage Insurance Now Available Through Calyx Point
More Articles