Sector developments and company hires

Bank SPG head retires

Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty five years. Parker has been instrumental in expanding Lloyds Bank’s asset-backed program in North America and in helping to develop many client relationships. Parker’s responsibilities will be absorbed by other members of the leadership team, including Tom Spary, who will lead the SPG team in New York.

CDO manager transfer

Mount Street Portfolio Advisers (MSPA) has been named successor asset manager to Talon Funding I. Moody's confirms that the move will not impact any of the ABS CDO’s ratings. Portigon Financial Services was previously collateral manager on the deal, as well as swap counterparty – although the swap was novated to Erste Abwicklungsanstalt (EAA) in May 2016, following the transfer of Portigon to EEA. Mount Street acquired EAA in December 2016 and renamed the firm MSPA (SCI 3 November 2017). For more CDO manager transfers, see SCI’s database.

Non-QM acquisition

Pretium is set to acquire Deephaven Mortgage from Värde Partners. Deephaven partnered with Värde in 2014 to fund its growth and expansion, and has invested in over US$4bn of non-qualified mortgage loans to become a leading issuer of non-QM RMBS. Pretium is an alternative investment management firm focused on residential real estate, mortgage credit and corporate credit with more than US$10bn in assets under management. Progress Residential manages Pretium’s single-family rental homes and the acquisition of Deephaven is viewed as a synergistic extension of the firm’s existing strategies in mortgage credit. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in 2H19.

Trade finance firm taps SF talent

Stenn International has hired Chris Rigby to the newly appointed role of global head of finance and capital markets. He joins from Lloyds where he was most recently md of the bank’s securitised products group and before that was in HSBC’s structured finance group.