Sector developments and company hires

CEO appointed

Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to the firm, and will be responsible for overseeing all aspects of the business and developing new business lines. Mariner founder Bill Michaelcheck will continue in his role as the firm’s cio and portfolio manager for Mariner’s flagship multi-strategy hedge fund. Arledge previously served as the ceo of BNY Mellon Investment Management and was also responsible for the firm’s markets group.

Debut RMBS prepped

LendingHome has completed its first syndicated, revolving securitisation of residential transition loans, issuing approximately US$208m of non-rated, asset-backed securities. LendingHome Funding Corporation – a wholly owned subsidiary of LendingHome Corporation – acted as sponsor for the transaction and originated 100% of the loans in the transaction.

The transaction, which totals approximately US$219m in aggregate, was structured with a two-year revolving period during which principal payoffs can be reinvested in newly originated loans. The revolving structure enables an efficient funding for the asset class, as the underlying residential transition loans typically pay off in approximately seven months. The loans are generally 12 months in term and originated for the purpose of rehabilitation and resale of the underlying residential property.

The securitisation is structured as approximately US$208m of senior- and mezzanine-class offered certificates and approximately US$11m of subordinate-class, non-offered certificates for a total deal size of approximately US$219m.

Distressed head nabbed

GSO Capital Partners, has hired Bob Carrol as md and head of distressed trading. Carroll was previously responsible for all trading activity at Smith Cove Capital.

Investment head replaced

Investcorp has announce John Fraser, head of the firm’s US credit management unit will be retiring and Jim Feeley will be stepping in as co-head of US credit management. Feeley will be based in New York and report to Jeremy Ghose who will assume the duties of interim co-head of the same unit in addition to his role as head of Investcorp Credit Management. Most recently, Feeley was a senior md and head of credit and structured credit at Medley Management, where he built their tradable credit investment and CLO opportunity businesses.

Sidecar first announced

CCR Re has created the first sidecar domiciled in France, dubbed 157 Re.  By accepting a 25% stake in Cat World's Property Cat portfolio, 157 Re is offering a fully collateralised capacity to CCR Re, enabling it to continue its diversification and growth. 157 RE is an umbrella fund whose first sub-fund, 157 RE 19, will take effect on 1 April, 2019, and will be followed by others in the coming years based on investor demand and CCR Re's needs. 157 Re is the first ever sidecar to adopt the form of a securitisation mutual fund (FCT) under French law (a securitisation mutual fund that bears insurance risks), an instrument used until now solely for the securitisation of financial assets. 157 Re has been approved by the Prudential Control and Resolution Authority, and its tax regime, particularly with regard to investors, has been clarified by the Tax Administration.

Thailand head announced

Deustche Bank has hired Pimolpa Suntichok as head of its Thailand chief country officer and head of financing and solutions, starting in May this year. Suntichok was previously senior evp, head of commercial banking solutions at Siam Commercial Bank.