Sector developments and company hires

Greek investment partnership inked
Mount Street Group has formed a strategic partnership in Greece and Cyprus with Technical Olympic, a Greek real estate, construction and investment group. As part of the partnership and through its subsidiary PFC Premier Finance Corporation (Cyprus), Technical Olympic has entered into a Memorandum of Understanding to acquire a stake in Mount Street’s businesses in Greece and Cyprus, including its real estate, credit advisory and loan servicing regulated business in Greece. The agreement is subject to final documentation and regulatory approvals in Greece, including from the Bank of Greece.

Mount Street Hellas will be supporting the acceleration of the capital deployment programme of Technical Olympic through debt and equity investments across a range of asset classes, primarily focusing on commercial real estate, hospitality, shipping and SMEs. Technical Olympic and entities related to its anchor shareholders, the Stengos family, will be committing capital to co-invest alongside Mount Street and its other capital partners across single credit and loan portfolio investments across a range of opportunities originating primarily in Greece and Cyprus.

Wells counterparty transfer eyed
Computershare Trust Company’s acquisition of the Wells Fargo Corporate Trust Services (CTS) platform is not expected to affect the credit ratings for the roughly 11,000 structured finance bonds that currently rely on CTS for certain trust administration functions, Fitch notes. The transaction is expected to close in 2H21.

The sale includes cash and non-cash handling functions across structured finance in the US and master servicing for US RMBS. The acquisition includes business critical items, such as fixed assets, technology, intellectual property and employees transferring from CTS to Computershare. The firm plans to use third parties that meet Fitch's counterparty criteria.