Sector developments and company hires

MPL acquisition to accelerate auto financing
Upstart Holdings is set to acquire Prodigy Software, a provider of cloud-based automotive retail software. Upstart says it is seeking to reduce the cost of auto financing by creating a modern multi-channel purchase experience. Auto retail is among the largest buy-now-pay-later opportunities, according to the firm, and together with Prodigy it aims to help dealers create a seamless and inclusive experience.

The first AI-enabled auto loan was originated on Upstart’s platform in September 2020. In this initial phase, the lender is enabling consumers to refinance expensive and mispriced auto loans and continues to roll this programme out across the country.

With the acquisition of Prodigy, Upstart will accelerate its efforts to offer AI-enabled auto loans through the tens of thousands of auto dealers nationwide, where the majority of auto loans are originated.

Prodigy provides end-to-end sales software that bridges the gap between how dealerships operate and the new way that people are shopping for cars. More than US$2bn in vehicle sales have been powered by Prodigy at franchised dealers from top brands, such as Toyota, Honda and Ford.

The transaction is expected to close in 2Q21, subject to customary closing conditions.

In other news…

EMEA
Credit Suisse has named Ulrich Körner ceo, asset management and a member of its executive board, effective 1 April. From that date, the asset management business will be separated from the international wealth management division and managed as a new separate division.

Körner will report directly to the group ceo, Thomas Gottstein. The current global head of asset management, Eric Varvel, will work alongside Körner in the coming months to facilitate the transition and will then focus on his other roles as ceo Credit Suisse Holdings (USA) and chair of the investment bank. Philipp Wehle will continue to lead the international wealth management division as a member of the executive board. 

Körner most recently served as senior advisor to the ceo of UBS Group from 2019 to 2020. Prior to that, he served as ceo of UBS Asset Management from 2014 to 2019. He was previously an executive at Credit Suisse and held roles that included cfo and coo of Credit Suisse Financial Services and ceo Switzerland.

The move follows Credit Suisse Asset Management’s recent announcement that it is winding down its managed supply chain finance funds.

Zenith Service has appointed Stefano Corbella as head of real estate and UTPs, with responsibility for real estate and unlikely-to-pay stranded credits. Corbella has 20 years of experience with a career that began at Ernst & Young Consultants, then continued with Pirelli Real Estate, FBS RE (now IFIS NPL) and Duff & Phelps REAG, dealing mainly with debt restructuring of real estate companies and NPL and UTP transactions.

At Zenith Service, he will bridge the consolidated services of the firm dedicated to credit securitisations and those recently developed, including real estate securitisation vehicles pursuant to Article 7.2 of Italy’s Law No 130/99.