Sector developments and company hires

CMBS cure rates eyed
August US CMBS remittance data shows declining 30-plus day delinquency rates, as consent and forbearance agreements came into force and the country reopened. Within post-GFC conduit deals, 30-plus day delinquencies fell 40bp month-on-month to 8.1%, while SASB delinquencies improved 34bp to 7.4% and CRE CLOs improved 30bp to 2.4%.

Contributing to this improvement in delinquencies has been a larger-than-expected cure rate, according to Wells Fargo CRE analysts. Between April and August, 839 30-plus day delinquent notes (accounting for US$13.2bn) transitioned to current or grace/late status.

Although July’s re-performing balance increased by 45%, August’s cure volume was almost flat month-on-month. “Looking at the loans that cured, however, we find that a portion of borrowers slipped back into delinquency almost immediately. Across the US$3.2bn that cured in June, 19.5% now report as delinquent, two months later (17.8% by count). July’s figures are trending in the same direction, as 14.2% of cured loans immediately reverted to delinquency,” the Wells Fargo analysts report.

EMEA
Alcentra has appointed Jonathan DeSimone as ceo and to its board, subject to FCA approval in the UK. This follows David Forbes-Nixon's decision to step down as ceo to focus on his investment responsibilities. DeSimone joins Alcentra following a 17-year career with Bain Capital Credit, where he was most recently portfolio manager of the liquid credit strategy and a member of the Bain Capital Credit Committee. Prior to that, he spent a decade at Bain & Company working with the firm's clients across the consumer, industrial and private equity sectors. 

Amundi Asset Management deputy ceo Dominique Carrel-Billiard has taken over the operational management of the firm’s real and alternative assets business line, which includes real estate, private debt, private equity and infrastructure. This business line was previously under the responsibility of Pedro Antonio Arias, who has decided to leave the group for an entrepreneurial project. Before joining Amundi in 2016, Carrel-Billiard was md of La Financière de l'Echiquier from 2014 to 2016 and has also worked at AXA Investment Managers, McKinsey & Company and Crédit Commercial de France.

Stephan Ruoff has succeeded Dirk Lohmann as head of Schroder Secquaero, having been appointed deputy head in November 2019. He was the former ceo of Tokio Millennium Re. Meanwhile, Lohmann has been named chairman of the Schroder Secquaero business - a new position, in which he will serve as a member of the investment committee and mentor the Schroder Secquaero management team. He will also focus on the development of new business opportunities and strategic ventures.

Additionally, non-life senior underwriter Flavio Matter has been promoted to head of origination and Mark Gibson has been named ILS solutions manager. He is based in London and was previously alternative capital director at Neon Underwriting and also a member of its executive committee.