North America

Cowen and Company has named Philip Cushman as head of global institutional sales which includes managing both the institutional equity and credit sales teams and Burton Welly has been named head of special situations and distressed credit trading, Cowen and Company, increasing his responsibilities to include all distressed credit trading initiatives. Prior to joining Cowen, Cushman served as md and head of global equity product management at Jefferies, as well as a member of Jefferies' equity operating committee. Welly joined Cowen in 2016 as part of the firm's acquisition of certain businesses from CRT Capital.

Mayer Brown has poached five capital markets and tax partners from Morrison & Foerster. One of the new hires is Anna Pinedo, who will serve as a co-leader of the firm's global capital markets practice in New York and concentrates her practice on securities and derivatives. Also joining in New York are James Tanenbaum (who focuses on corporate finance and the structuring of complex domestic and international capital markets transactions) and Jerry Marlatt (who represents issuers, underwriters and placement agents in covered bonds, CP and structured investment and specialised operating vehicles). Thomas Humphreys and Remmelt Reigersman - who join the firm in New York and Northern California respectively - have extensive experience with the tax aspects of capital markets transactions. Mayer Brown has also hired James John Antonopoulos in its global banking and finance practice and structured finance group as a partner in Chicago. Antonopoulos joins from Kirkland & Ellis.

White & Case has expanded its global banking practice with the addition of Pratin Vallabhaneni as a partner. Vallabhaneni will work closely with the firm's global financial institutions advisory practice and will advise clients on complex fintech-related issues. Vallabhaneni joins the firm from Arnold & Porter and was previously an investment banker at a global financial services firm, where he advised on the valuation and execution of M&A, capital markets, securitisation and restructuring mandates.

China

The People's Bank of China has licensed the first non-state-owned consumer credit bureau, Baihang Credit Bureau, through 31 January 2021 as a consumer credit information business.

Structured product launch

Marex Solutions, a division of Marex Spectron specialising in the manufacture of customised OTC derivatives, has launched a structured investment product offering. This new structured investment business customises notes, backed by Marex Spectron or third-party corporates, and includes capital protected, participation, yield enhancement and leveraged products on commodities, equities, foreign exchange, credit and mutual funds. The first trade was on 23 February, with the launch of a one-year, 100% capital-protected note that provides the investor with upside participation to a credit fund.

Disclosure RFC

The Basel Committee has issued for consultation an updated framework for Pillar 3 disclosure requirements. Proposed new or revised requirements include: benchmarking a bank's RWA, as calculated by its internal models, with RWA calculated according to the standardised approaches; providing an overview of risk management, key prudential metrics and RWA; and new disclosures on asset encumbrance and capital distribution constraints. Separately, the Committee is seeking feedback on the scope of application of the disclosure requirement on the composition of regulatory capital that was introduced in March 2017. Comments on the proposals are invited by 25 May.

Acquisitions

Cerberus Capital Management has reached an agreement with Bluestone Group to acquire its Australasian mortgage lending and portfolio servicing operations, Bluestone Holdings Australia.

PHH Corporation has entered into a definitive agreement in which Ocwen Financial Corporation will acquire all of the company's outstanding shares of common stock in an all cash transaction valued at US$360m. As part of the transaction, Ocwen will assume US$119 million of PHH's outstanding unsecured debt. Following closing, shares of PHH common stock will no longer be listed on NYSE. Credit Suisse served as financial advisor and Jones Day served as legal counsel to PHH Corporation on the transaction, and Latham & Watkins served as legal counsel to the Board of PHH Corporation.

Optimum Asset Management has acquired Razorbill Advisors enabling Optimum to add resources to its current team of managers, integrate leading-edge technology into its management toolkit and broaden its range of asset management strategies. Optimum has also hired Pierre-Philippe Ste-Marie as cio, fixed income, Hugues Sauvé, as vp, active management, Robert Hesselbo as vp, financial technology and Sylvain Crouzet, vp, financial modelling.

ILS

Hiscox Re Insurance Linked Strategies, the ILS asset management arm of Hiscox, has appointed Ben Fox to its Bermuda-based ILS investment team as portfolio manager, subject to Bermuda immigration approval. Fox joins from Ontario Teachers' Pension Plan where he was principal of ILS since 2014.

Partnerships

Funds affiliated with Apollo Global Management have announced a strategic partnership with Apeiron Management to focus on investments in Italian corporate credit opportunities. The initiative targets innovative financing solutions for Italian corporate borrowers, and investments in impaired loans, claims, and other credit instruments tied to Italian companies. The partnership will focus primarily on stressed and distressed opportunities, insolvency compositions, and non-performing corporate credit in Italy. Capital will be deployed via debt and equity investments in the €5m to €50m range, with the capacity to pursue larger transactions opportunistically. To accomplish these goals, Apollo has established Apollo Delos as a dedicated investment platform. Apeiron will work with Apollo in the implementation of its Italian investment strategies for funds managed by Apollo through the Delos platform, and will provide support in the origination, due diligence, structuring, execution and management of transactions.

Board nominees

Blue Lion Capital (BLC) – which manages funds that beneficially own approximately 6% of the stock of HomeStreet – intends to nominate two candidates for election to the HomeStreet board and make two substantive corporate governance proposals at the company's 2018 annual meeting. The move aims to address "numerous strategic missteps, inadequate corporate stewardship and poor financial performance", which BLC says has eroded shareholder confidence and destroyed shareholder value. BLC intends to propose a binding change to the company's bylaws that would require the roles of chairman and ceo to be separate. BLC's nominees to the board are: Ronald Tanemura, who serves as a director of post-reorganisation Lehman Brothers Holdings Inc and TPG Specialty Lending, and was previously global co-head of credit derivatives at Goldman Sachs; and Paul Miller, who was previously md and head of the financial institutions group of FBR Capital Markets. HomeStreet states that it will carefully evaluate the proposal.

SPV business expansion

CSC has expanded its special purpose entity (SPV), independent director, and fund administration business in the US to the structured finance and private equity markets. CSC provides clients with a range of services including outsourced fund administration, debt capital markets services, SPV management and administrative services, and agency services. CSC's team specialises in customised services from pre-closing through to completion of transaction. Through its wholly owned subsidiary, Delaware Trust Company, CSC will continue to provide US-based clients with specialised corporate trust and agency services.