Nuveen Investments, which provides investment services to institutional and high net worth investors, recently completed the initial public offering of a new "opportunity" fund that will buy distressed MBS. The fund, which trades under the stock symbol "JLS," is called Nuveen Mortgage Opportunity Term Fund and its stated goal is to "generate attractive total returns through opportunistic investments in mortgage-backed securities." The IPO raised $400 million. It hopes to participate in the government's Public-Private Investment Program established by the Department of the Treasury. The fund began trading on the New York Stock Exchange earlier in the week.
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