Institutional Investors

Relative Value Credit

Investment Philosophy

The Serenitas relative value credit strategy focuses on building a portfolio where returns are not predicated on market direction. We dynamically allocate capital across corporate and mortgage credit markets, using a low net risk approach to credit spreads and interest rates. We specialize in trading residential mortgage backed securities, CLOs, and credit derivatives. Given the market inefficiencies in these areas, our proprietary analytics provide a unique advantage in finding undervalued optionality. The five investment professionals with extensive proprietary trading experience have been working together for almost a decade.

Associated Strategies

  • REQUEST SUMMARY

    Request a summary of the hedge fund that uses this strategy.

Portfolio Management Team

  • David Weeks
    Managing Director, Credit

    David Weeks is the Managing Director for the Credit team. Mr. Weeks joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Weeks was Chief Investment Officer of Serenitas Capital, a firm he co-founded in 2012. Mr. Weeks held previous positions as Managing Director at Merrill Lynch, where he was responsible for the proprietary trading of Non-Agency Residential Mortgage Backed Securities from 2006 to 2011. He spent seven years managing the Merrill Lynch CLO Trading desk, where he traded CLOs, CBOs and TruPS CDOs. Prior to that, Mr. Weeks worked for six years as a structured products analyst at Moody's Investors Service. Earlier in his career, Mr. Weeks traded equity options for ten years as a market maker on the floor of Philadelphia Stock Exchange, after working for two years as a specialist clerk on the American Stock Exchange. Mr. Weeks received a B.S. in Finance from Lehigh University.

  • Ajit Kumar, CFA
    Portfolio Manager

    Ajit Kumar is the Portfolio Manager for investment-grade credit correlation products. Mr. Kumar joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Kumar was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Director at Merrill Lynch, where he was responsible for the proprietary trading of credit correlation products from 2005 to 2011. There he traded arbitrage relationships and relative value opportunities across U.S. and European index tranches, bespoke portfolios, and CSO securities. Prior to joining Merrill Lynch, Mr. Kumar worked with Morgan Stanley for six years, as a structured credit strategist and an equity research analyst. He received his Bachelors of Engineering in Computer Science from C.R. State College of Engineering, his MBA from McGill University, and his M.S. in Financial Mathematics from Stanford University. He is a CFA® charterholder and is a member of New York Society of Security Analysts.

  • Edwin Tsui, CFA
    Portfolio Manager

    Edwin Tsui is a Co-Portfolio Manager for CLOs and high-yield credit correlation products. Mr. Tsui joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Tsui was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Director at Merrill Lynch, where he was first in charge of the proprietary trading of subprime bonds and subsequently the portfolio manager for the proprietary trading of CLOs and tranches of the HYCDX and LCDX credit indices. Mr. Tsui started his career at Merrill Lynch in 2004 as a structurer in the asset based principal investments group. He received his M.S. in Mathematics in Finance from the Courant Institute of New York University and his undergraduate Masters of Physics degree from the University of Oxford. He is a CFA® charterholder and is a member of New York Society of Security Analysts.

  • Andreas Eckner, Ph.D.
    Portfolio Manager

    Andreas Eckner is the Portfolio Manager for Residential Mortgage Backed Securities (RMBS). Mr. Eckner joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, he was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. Mr. Eckner held a previous position as Vice President in proprietary trading at Merrill Lynch, where he traded RMBS securities from 2007 to 2011. Mr. Eckner’s experience includes positions at ERSTE Bank, where he built pricing models for synthetic and cash-flow CDOs; and a statistical arbitrage group at Goldman Sachs. Prior to joining the financial industry, Mr. Eckner was at Stanford University where he completed a Ph.D. in Statistics and served on the admissions committee for the M.S. program in Financial Mathematics. His research on credit risk modeling and credit derivatives pricing has been published in the Journal of Finance and Journal of Computational Finance, and was mentioned in reports by the Bank of International Settlement and the European Central Bank. He is the winner of the “Swiss Finance Institute Outstanding Paper Award” and of a gold medal at the 30th International Chemistry Olympiad.

  • Guillaume Horel, Ph.D.
    Portfolio Manager

    Guillaume Horel is a Co-Portfolio Manager for CLOs and high-yield credit correlation products. Mr. Horel joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, he was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Vice President in proprietary trading at Merrill Lynch, where he traded CLOs from 2007 to 2011. In this role, he also developed various quantitative models and relative value tools that helped to identify investment opportunities across CLOs and other structured credit products. Prior to joining Merrill Lynch, he worked for the structured credit analytics group at Goldman Sachs. Mr. Horel graduated with a degree in Engineering from École Centrale and a degree in Economics from Panthéon-Sorbonne University in Paris. He holds a M.S. in Financial Mathematics and a Ph.D. in Statistics, both from Stanford University.

Read Bio Read Bio Read Bio Read Bio Read Bio

David Weeks is the Managing Director for the Credit team. Mr. Weeks joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Weeks was Chief Investment Officer of Serenitas Capital, a firm he co-founded in 2012. Mr. Weeks held previous positions as Managing Director at Merrill Lynch, where he was responsible for the proprietary trading of Non-Agency Residential Mortgage Backed Securities from 2006 to 2011. He spent seven years managing the Merrill Lynch CLO Trading desk, where he traded CLOs, CBOs and TruPS CDOs. Prior to that, Mr. Weeks worked for six years as a structured products analyst at Moody's Investors Service. Earlier in his career, Mr. Weeks traded equity options for ten years as a market maker on the floor of Philadelphia Stock Exchange, after working for two years as a specialist clerk on the American Stock Exchange. Mr. Weeks received a B.S. in Finance from Lehigh University.

Ajit Kumar is the Portfolio Manager for investment-grade credit correlation products. Mr. Kumar joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Kumar was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Director at Merrill Lynch, where he was responsible for the proprietary trading of credit correlation products from 2005 to 2011. There he traded arbitrage relationships and relative value opportunities across U.S. and European index tranches, bespoke portfolios, and CSO securities. Prior to joining Merrill Lynch, Mr. Kumar worked with Morgan Stanley for six years, as a structured credit strategist and an equity research analyst. He received his Bachelors of Engineering in Computer Science from C.R. State College of Engineering, his MBA from McGill University, and his M.S. in Financial Mathematics from Stanford University. He is a CFA® charterholder and is a member of New York Society of Security Analysts.

Edwin Tsui is a Co-Portfolio Manager for CLOs and high-yield credit correlation products. Mr. Tsui joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, Mr. Tsui was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Director at Merrill Lynch, where he was first in charge of the proprietary trading of subprime bonds and subsequently the portfolio manager for the proprietary trading of CLOs and tranches of the HYCDX and LCDX credit indices. Mr. Tsui started his career at Merrill Lynch in 2004 as a structurer in the asset based principal investments group. He received his M.S. in Mathematics in Finance from the Courant Institute of New York University and his undergraduate Masters of Physics degree from the University of Oxford. He is a CFA® charterholder and is a member of New York Society of Security Analysts.

Andreas Eckner is the Portfolio Manager for Residential Mortgage Backed Securities (RMBS). Mr. Eckner joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, he was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. Mr. Eckner held a previous position as Vice President in proprietary trading at Merrill Lynch, where he traded RMBS securities from 2007 to 2011. Mr. Eckner’s experience includes positions at ERSTE Bank, where he built pricing models for synthetic and cash-flow CDOs; and a statistical arbitrage group at Goldman Sachs. Prior to joining the financial industry, Mr. Eckner was at Stanford University where he completed a Ph.D. in Statistics and served on the admissions committee for the M.S. program in Financial Mathematics. His research on credit risk modeling and credit derivatives pricing has been published in the Journal of Finance and Journal of Computational Finance, and was mentioned in reports by the Bank of International Settlement and the European Central Bank. He is the winner of the “Swiss Finance Institute Outstanding Paper Award” and of a gold medal at the 30th International Chemistry Olympiad.

Guillaume Horel is a Co-Portfolio Manager for CLOs and high-yield credit correlation products. Mr. Horel joined LMCG in May 2015 by virtue of LMCG’s acquisition of Serenitas Capital. Prior to joining LMCG, he was Portfolio Manager at Serenitas Capital, a firm he co-founded in 2012. He held a previous position as a Vice President in proprietary trading at Merrill Lynch, where he traded CLOs from 2007 to 2011. In this role, he also developed various quantitative models and relative value tools that helped to identify investment opportunities across CLOs and other structured credit products. Prior to joining Merrill Lynch, he worked for the structured credit analytics group at Goldman Sachs. Mr. Horel graduated with a degree in Engineering from École Centrale and a degree in Economics from Panthéon-Sorbonne University in Paris. He holds a M.S. in Financial Mathematics and a Ph.D. in Statistics, both from Stanford University.

.