The London asset manager Cairn Capital Ltd. has hired Peter Hansell to run its soon-to-launched Ibex Fund, which will invest in commercial mortgage-backed securities.

Mr. Hansell was a managing director in Lehman Brothers' global real estate group. Before that he had run Standard & Poor's Corp.'s commercial mortgage-backed securities rating team in Europe. He also has worked in commercial real estate lending at Royal Bank of Scotland Group PLC.

Credit spreads for commercial mortgage-backed securities have widened alongside those of other structured finance instruments as a result of the credit crunch.

David Henriques, the head of Cairn's real estate business, said there were "unprecedented opportunities" in the commercial real estate debt market.

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