Sector developments and company hires

CLO expert nabbed

BlueBay has appointed Alex Navin to join its structured credit team as pm. Based in London, Navin will report to Sid Chhabra, head of structured credit and CLO management, and will support him in managing BlueBay’s global structured credit strategies. Navin has nearly a decade of structured credit experience. He joins from Citigroup, where he held a number of roles, most recently as senior CLO trader. 

RMAC NODs received

The RMAC Securities No. 1 Series 2006-NS1, 2006-NS2, 2006-NS3, 2006-NS4 and 2007-NS1 issuers last week received notices of discontinuance (NOD) from Clifden, purporting to discontinue its Part 8 claim. The issuers had previously applied for a strike out and summary judgement of the claim, which was to be heard in the chancery division of the high court on 2 July. However, the issuers subsequently applied for an order that would either declare the NOD ineffective or have it set aside, until their applications were heard in court. Both applications were adjourned to a hearing on 19 July. Separately, the trustee of the notes (BNY Mellon) received a direction from Clifden purporting to be a noteholder and purporting to appoint Portfolio Logistics as agent of the trustee, together with Ruton Management and Kilimanjaro Capital Management as additional trustees. BNY Mellon states that it hasn’t received any evidence confirming Clifden as a noteholder and thus considers the purported direction wholly ineffective.