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Magnetar Capital is a hedge fund based in Evanston, Illinois. Among its many activities, the firm was actively involved in the collateralized debt obligation (CDO) market during the 2006–2007 period. In some articles critical of Magnetar Capital, the firm's arbitrage strategy for CDOs is described as the Magnetar trade. ==History== Magnetar Capital was founded in 2005 by Alec Litowitz (formerly of Citadel LLC) and Ross Laser (formerly of Glennwood Capital Partners). It is based in Evanston, Illinois.〔 In 2006, Magnetar Capital began to buy large amounts of equity tranches in CDO deals. Partner David Snyderman (also formerly of Citadel LLC) told ''Derivatives Week'' at the time that Magnetar Capital was "excited about the opportunities in the mortgage derivatives market".〔 From 2006-2007 Magnetar Capital sponsored (bought the equity tranche of) about $30 billion worth of CDOs.〔 Many of the CDOs were named after stars or constellations. Around 2006, Magnetar Capital received marketing from Goldman Sachs regarding "short bets" against the housing market via an Asset-backed securities index (ABX).〔 In 2006, Andrew Sterge (formerly of Cooper Neff Group, BNP Paribas) brought his team from AJ Sterge Investments to work for Magnetar Capital.〔 Magnetar Capital also hired Michael Gross of Apollo Management.〔 In 2006, Magnetar Capital started a reinsurance company called Pulsar Re.〔 In 2006, a team at Calyon bank participated in multiple deals involving Magnetar Capital CDOs. The team, led by Alexander Rekeda, left Calyon for the Mizuho bank in late 2006. In 2007, Mizuho did more CDO deals with Magnetar Capital.〔〔〔〔 In 2007, Magnetar Capital participated in a series of CDO deals with GSC Partners and JP Morgan Chase. They would later become the center of an Securities and Exchange Commission case against JP Morgan.〔(SEC.gov )〕〔(Blogs.wsj.com )〕 In October 2007, Magnetar Capital set up a Credit Derivatives Product Company (CDPC) named Quadrant Structured Credit Products, with Lehman Brothers. Employees included Gene Park (formerly of AIG), Martin Nance, and others. Fitch Ratings rated it AAA in October 2007 and withdrew its rating in October 2008. In December 2008, Quadrant bought competitor Cournot. Moody's withdrew its rating in February 2009.〔〔〔〔〔〔 As of 2010, 23 of the CDOs sponsored by Magnetar Capital had become "nearly worthless".〔〔The "nearly worthless" comment is at 36:40 into the ''This American Life'' "Inside Job" audio story〕 The 2010 Ig Nobel Prize in Economics was awarded to executives and directors of Magnetar Capital, among others, "for creating and promoting new ways to invest money—ways that maximize financial gain and minimize financial risk for the world economy, or for a portion thereof." In 2012 Intesa Sanpaolo sued Magnetar Capital (and others) for alleged fraud related to Pyxis ABS CDO 2006-1.〔(Mirabile Dictu! The SEC Finally Investigates Magnetar ), Thursday, May 17, 2012, Yves Smith, Nakedcapitalism.com〕 The US Federal Securities and Exchange Commission had been investigating deals involving Magnetar Capital for years, for example the JP Morgan settlement regarding Squared CDO 2007-1. ProPublica published a summary of these activities in 2012. The Wall Street Journal reported that same year that the SEC was directly investigating Magnetar Capital itself.〔(The Magnetar Fallout: Who’s Been Charged, Has Settled, or is Now Being Investigated? ) by Cora Currier, ProPublica, July 19, 2012〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Magnetar Capital」の詳細全文を読む スポンサード リンク
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