Andrew Berger exited LMR Partners after losses from a mortgage-backed securities bet. The star portfolio manager's strategy involved highly levered trades in residential MBS. LMR Partners faced a 0.9% loss in September, unique among major multistrategy funds. Last year, Andrew Berger was riding high. The mortgage-trading team he oversaw at $12.8 billion hedge fund LMR Partners gained nearly$250 million in 2024, according to three people familiar with the matter. Now, the star trader is out at LMR ...