Sector developments and company hires

Inventory ABS prepped
Fintech platform Supply@ME Capital (SYME) has entered into an agreement with StormHarbour Securities for the issue, distribution and placing of a series of ABS that are guaranteed against inventories purchased directly by the platform's SPVs (SCI 15 April). Details of the securitisation programme are being finalised, but it is anticipated to cover - within 12 months and through multiple issuances - the whole of SYME's current portfolio of originated inventory contracts.

Holmes protection boosted
Santander has boosted protection for bondholders in its Holmes RMBS master trust programme, TwentyFour Asset Management reports, in the unlikely event mortgage payment holidays cause a shortfall in revenue to pay bond coupons. First, Santander will use interest from loans in a larger mortgage pool not backing Holmes RMBS bonds to cover shortfalls, which essentially doubles the potential revenue available. Second, if this proves to be insufficient, Santander has flagged a willingness to grant a loan into the Holmes programme to cover further shortfalls in revenue.

North America
Angelo Gordon has appointed Putri Pascualy md and credit product specialist focusing on its multi-strategy and performing credit investment strategies. Prior to joining the firm, Pascualy was a partner and credit strategist for PAAMCO Prisma, where she sourced and created multi-strategy and tactical credit mandates covering investment opportunities across the public and private credit spectrum. Before that, she was a senior analyst for Cornerstone Research.

Kah Capital Management (KCM) has recruited Donna Sims Wilson as coo and a member of the senior management team working alongside the founder of the company, Adama Kah, on the firm’s overall strategic direction. KCM is opening itself up for external investment for the very first time and Sims Wilson will lead capital raising. Sims Wilson joins KCM from Smith Graham Investment Advisers, where she was president, on the executive management committee and a director.