Sector developments and company hires

Alesco CDOs transferred

The collateral management agreements for the Alesco Preferred Funding X to XVII Trups CDOs have been assigned to Hildene Collateral Management Company (HCMC), an affiliate of Hildene Capital Management. Under the terms of the assignments, HCMC agrees to assume all the responsibilities, duties and obligations of the current collateral manager (ATP Management) under the agreements and under the applicable terms of the indentures. Moody’s has confirmed that the move will not result in the reduction, withdrawal or qualification of its current rating of any notes issued by the transactions. For more CDO manager transfers, see SCI’s database.

SME financing facility

The British Business Bank – via its ENABLE Funding programme – has committed up to £150m for lending to UK small businesses through the Funding Circle platform. The new facility will provide senior financing to a transaction with the Funding Circle SME Income Fund and is expected to support the growth of over 2,000 UK firms. To date, 85,000 individuals, the EIB, the EIF, KfW and other financial institutions have lent £5.6bn through Funding Circle to 56,000 businesses across the UK, US, Germany and the Netherlands.

US

Morgan Lewis has hired Sarah Nelson as a securitisation tax partner, based in New York. Nelson was previously a director at Credit Suisse where she led in-house coverage of CRE finance and CMBS.

The Carlton Group has promoted Michael Campbell to the position of ceo. Prior to joining the firm in 1999, Campbell worked as associate at Prudential Investments. He is joined as co-managing principal of Carlton by Daniel Bildner, who assumes the role of coo after holding a position as Carlton’s general counsel.

Podcast

SCI’s new podcast is now online! Click here to listen to the team discuss divergence in the Australian RMBS market and a new SME ABS with a Spanish flavour.