|Marathon CEO says toxic assets hold value for PPIP
Tue Oct 27, 2009 10:59am EDT
MIAMI, Oct 27 (Reuters) - Managers of the U.S.'s toxic asset plan can still produce good returns for investors despite a strong rally in prices of residential mortgage bonds and other risky assets since March, Bruce Richards, chief executive officer of Marathon Asset Management, said on Tuesday.
Richards, whose firm is one of nine with the U.S. Treasury mandate to manage the public-private investment plan's funds, said he was not concerned that the run-up in prices would cut returns.
"There's still some value to be squeezed out," Richards told Reuters at the IMN ABS East conference in Miami. (Reporting by Nancy Leinfuss in Miami and Al Yoon in New York; Editing by James Dalgleish)