Sector developments and company hires

ABSF tender

The Australian Office of Financial Management is inviting tender submissions for the provision of investment management services for the Australian Business Securitisation Fund (ABSF) by 6 September (SCI 24 June). The AOFM is seeking to appoint an investment manager to assist with the evaluation of investment proposals and provide ongoing portfolio management services. The investment manager should have extensive experience managing structured credit investments - including via warehouse facilities - directly for institutional clients or in a managed fund context. The term of the contractual arrangement with the successful tenderer(s) will be one two-year initial term, plus one additional two-year option to extend and one additional one-year option to extend.

NPL sales

Banca Monte dei Paschi di Siena has sold a further four non-performing loan portfolios for approximately €340m. The transactions are in addition to those recently finalised with Illimity Bank and Cerberus Capital Management (SCI 2 August) and brings the total of non-performing exposures sold by the bank since end-July to almost €1.5bn. The latest deals involve the sale of €137m secured and unsecured exposures, as well as three transactions in mainly secured unlikely-to-pay exposures in the Banca Mps and Mps Capital Services portfolios in the amount of €202m.

Online lending funding line

LendInvest has received a £200 million investment from National Australia Bank (NAB), in a deal "supported by HM Treasury", the firm says. LendInvest has now raised over £1.8 billion of debt and equity from investors. This new funding expands LendInvest’s capacity to lend in the UK buy-to-let market.