Sector developments and company hires

Alt heads named test

Allianz Global Investors has unveiled leadership changes that will take effect on 1 January 2020. Global head of distribution Tobias Pross and global head of alternatives Deborah Zurkow will succeed Andreas Utermann as ceo and global head of investments respectively. Utermann will remain at the firm on an advisory basis for the first half of next year.

Dual-originator MPL ABS prepped

Funding Circle is marketing its first STS-compliant and SONIA-linked SME securitisation. The £195m Small Business Origination Loan Trust 2019-3 deal also features a dual-originator structure, with Funding Circle providing 51% of the loans and Glencar Investments XI (Waterfall Asset Management) the remaining 49%, according to Rabobank credit analysts. Both originators will act as retention holders as well. Pricing is targeted for later this week.

ESG initiative

The SFA has launched an industry initiative to facilitate the application of ESG principles to the structured finance market. The association notes that advancing the integration of ESG factors into business practices and reporting will require industry-wide collaboration. As such, it is holding an ESG Symposium on 5 December in New York to address a number of topics, including what the securitisation market can and should apply from ESG frameworks in other sectors, data reporting and standardisation, and rating agency and investing approaches. Following the symposium, SFA says its next step would be to determine a path forward.

Reinsurance vet promoted

Munich Reinsurance America has named Oliver Horbelt as cfo. He will report to Tony Kuczinski, president and ceo, Munich Re America and will be a member of the US operations executive board. Since 2015 Horbelt has served as head of Munich Reinsurance America’s capital partners Americas business unit where he has led a group of experts dedicated to supporting clients in addressing complex risk and capital management challenges.