Investment Manager

FIDAC is the wholly-owned registered investment advisor subsidiary of Annaly Capital Management Inc. (NYSE: NLY), a publicly traded real estate investment trust. Formed in 1994, FIDAC has become one of the leading fixed income management companies in the world, specialising in mortgage-backed securities and interest rate sensitive strategies. FIDAC manages private and public funds marketed globally through distributor relationships as well as separate accounts for high net worth individuals, municipal funds and school endowments.

FIDAC invests in what they believe to be the premier asset-backed securities in the world – US residential mortgage-backed securities issued and guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. FIDAC enhances the return on an investment in these securities by using leverage. Similar to a bank, FIDAC seeks to earn positive net interest income from the difference between the yield on the securities and the cost to finance them.

FIDAC is led by Chairman Michael A. J. Farrell and Chief Investment Officer Wellington Denahan-Norris. FIDAC's team of investment professionals, trained in-house, have built a successful long-term track record through some of the most challenging fixed income markets in memory.