While this should probably not come as a surprise, SoFi CEO and founder Mike Cagney spoke to WSJ.com and announced the creation of a hedge fund. The SoFi Credit Opportunities Fund filing hit the pages of the SEC in January and is designed to invest in SoFi’s own loans, according to the report.
“[this has] a real chance to solve the balance-sheet problems facing the industry,”
Just recently SoFi launched a wealth management service (note: not a Robo Advisor because real people are working on this). SoFi also was said to be investigating launching a REIT.
SoFi recently revealed to Kara Swisher of Re/Code his odyssey of becoming a reformed banking to creating one of the fastest growing financial services firms anywhere. Along the way, he actually ran a hedge fund. Cagney is reportedly looking to hold deposits too. Effectively, SoFi wants to do everything a bank does (minus the branches and inefficiencies of course). Just don’t call it a bank.