Hedge fund firm, Ellington Fund Management is planning to launch an initial public offering of its two-year-old sub-prime mortgage fund, FINalternatives reports. Ellington Financial plans to file a registration statement with the Securities and Exchange Commission by the end of the third quarter.

Ellington Management founder Michael Vranos intended to raise $750 million in permanent capital for Ellington Financial. The fund was launched in August 2007.

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