The mortgage bond trader at San Francisco-based Passport Capital has left the hedge fund firm.
Bloomberg reported that Jeff Kong, who was based in Passport’s Connecticut office, departed last month after Passport sold its entire portfolio of government-backed mortgage debt last quarter as the market was roiled by concern that the Federal Reserve would cut its $85 billion in monthly bond purchases.
Passport spokesperson Steve Bruce told Bloomberg in an e-mail that the departure was “amicable” as the hedge fund “wishes to focus on its core long/short equity strategies while Jeff wishes to grow an agency MBS strategy that has become less of a priority for Passport.”
Kong is currently “exploring opportunities” to join another investment firm.
Founded in 2000, Passport Capital manages approximately $3.1 billion in assets.