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Former Cetera CEO launching investment firm targeting REITs

Former Cetera Financial Group Inc. CEO Robert Moore filed with the Securities and Exchange Commission for his newest venture, Mortgage REIT Investment Advisors LLC.

The company will invest in U.S. exchange-traded real estate investment trusts that predominantly own residential mortgage assets eligible for backing by the Government National Mortgage Association, or Ginnie Mae, Fannie Mae and Freddie Mac, according to its website. Moore, in an interview with InvestmentNews, said he intended to register the firm as a mutual fund and expects the fund to be capped at about $500 million.

The filing stated the investment firm currently has no assets. According to its SEC filing, the fund will collect an annual fee, paid quarterly, worth 0.50% of its net asset value. It will also charge an annual performance fee equal to 20% of its net dividend yield exceeding 10%.

Moore stepped down in March due to health reasons, and Chairman Ben Brigeman took over as CEO at Cetera on an interim basis.