Sector developments and company hires

EMEA
Oxane Partners has appointed Andrew Tisdall as director, portfolio management solutions. Tisdall will report to Sumit Gupta, co-founder of Oxane, and will focus on expanding the firm’s portfolio management business in Europe. Tisdall has more than 22 years of experience in loan operations at Mount Street, Morgan Stanley and Barclays. He joins Oxane from Mount Street, where he was head of loan administration. Oxane recently secured a MOR CS3 rating from DBRS Morningstar as a commercial mortgage servicer (SCI 23 January).

Internalisation agreed
Annaly Capital Management is set to acquire its external manager, Annaly Management Company, and transition from an externally-managed REIT to an internally-managed REIT. Pursuant to the agreement – which is expected to close in 2Q20 - the company will acquire the equity interests of the manager and its affiliates for a nominal cash purchase price (US$1), as well as all of its assets and liabilities. The move is designed to further align the interests of management and shareholders and strengthen the company’s governance practices. It is also expected to create cost savings from economies of scale and provide for incremental cost control and operating flexibility. All employees of the manager at closing will become employees of Annaly.

Private market JV
Further details have emerged about Eurizon Capital Real Asset, a joint venture 51% owned by Eurizon Capital (the asset management company of the Intesa Sanpaolo Group) and 49% by Intesa Sanpaolo Vita. The firm specialises in alternative asset and private market investments focused on the real economy. It has assets of €3.4bn, received under delegated management from Intesa Sanpaolo Vita, and a team consisting of 10 professionals specialising in private equity, private debt, infrastructure and real estate.