Sector developments and company hires

Granite alternatives

Cerberus European Residential Holdings is exploring strategic alternatives with respect to the mortgage loans held in the Towd Point Mortgage Funding 2016-Granite1 and 2016-Granite2 RMBS, which will become eligible for optional redemption from April and May of 2019 respectively. The firm has engaged Morgan Stanley and Bank of America Merrill Lynch as its financial advisors to assist in evaluating its options.

Partnerships

RAC, a securitisation and asset management platform, has entered into a partnership with the MOAC Foundation, a not-for-profit organisation that supports the development of the MOAC blockchain. Together with MOAC, RAC hopes to expand the public’s access to securitised assets. Cherie Liu will be joining RAC as an advisor, from a previous role as chief marketing officer at MOAC. MOAC also invested an undisclosed amount into RAC’s seed round.

US

Hogan Lovells has hired Stuart Morrissy to the firm’s New York office as a finance partner in the international debt capital markets (IDCM) practice. His practice will focus on securities law with an emphasis on leveraged finance and high yield transactions. Morrissy joins from Milbank, Tweed, Hadley & McCloy where he was partner.

Two Harbors Investment has promoted Stephen Kasnet to chairman in addition to his role as lead independent director of the board of directors. Brian Taylor is stepping down from the role of chairman and member of the board to focus more on Pine River, where he is ceo.