Sector developments and company hires

EMEA
Michael Fiebig has been appointed coo at responsAbility Investments. Fiebig will be responsible for the firm’s regional offices and central functions, such as legal, finance and business technology. Previously, he was responsible for private equity investments at responsAbility.

MSR transfer
Ocwen Financial Corp is set to transfer the subservicing of agency loans currently subserviced by its subsidiary PHH Mortgage Corp to New Residential Investment Corp subsidiary NewRez. As part of the agreement, PHH will transfer the subservicing of approximately US$41.8bn unpaid principal balance of agency MSRs, representing approximately 310,000 loans. Transfers are expected to occur during the second and third quarters of 2020. Following the transfers, New Residential will continue to have a subservicing relationship with Ocwen related to the portfolio of non-agency loans currently subserviced by PHH. In addition, New Residential will continue to own 4.3% of Ocwen’s common shares outstanding.

North America
Eldridge Industries has promoted John Kim to principal. Kim leads the firm’s structured products team, which it says has seen significant expansion since inception. He works closely with Security Benefit and serves on the boards of Stonebriar Commercial Finance and Elliott Bay Capital Trust. Prior to joining Eldridge, Kim served as an md in Natixis North America’s US structured credit and solutions group, where he focused on middle market and broadly syndicated CLOs, structured credit advisory and other credit solutions. Before that, he held senior roles at Deutsche Bank - where he was head of CLO structuring - and Lehman Brothers.