Sector developments and company hires

CRC in French portfolio sale
French financial guarantee provider Crédit Logement has expanded its non-performing loan servicing capabilities to begin partnering with third parties for the assignment of real estate NPL receivables. The firm’s external servicing business launched with an NPL portfolio sale to Christofferson Robb & Company, with Société Générale acting as adviser.

Crédit Logement has more than 40 years of experience in recovery on non-performing residential loans in France for its own account. Covering one-third of the residential loan market, it services nearly 20,000 receivables for its own account and around 2,500 other receivables for several French banks.

‘ESG-optimised’ CLO platform launched
CarVal Investors has launched the CarVal Clean CLO platform, a managed CLO programme utilising a new ESG risk assessment technology to pursue a high-performing, ESG-optimised portfolio. The platform is driven by proprietary technology developed by CarVal Investors and Insig AI, a data science and machine learning solutions company. The two firms state that the technology is the first of its kind in fixed income and will cover both private and public issuers, with the aim of creating a transparent and auditable risk assessment that allows for comparison to relevant benchmarks. 

CarVal's ESG risk assessment model measures each asset on six themes: climate Change, including carbon emissions and carbon footprint; natural capital, including raw material sourcing and water stress; pollution, including toxic emissions and waste; human capital, including health and safety and labour management; product liability, including product safety and consumer financial protection; and corporate governance, including ownership and board. These measurements are then utilised to create a composite ESG risk assessment that is comparable at an individual credit and portfolio level.

Global
Credit Suisse has promoted Arun Cronin to co-head, global CLOs and corporate asset finance. Based in London, Cronin was previously head of EMEA credit financing solutions and CLOs at the bank, which he joined in 2009. Before that, he worked at Merrill Lynch and Simmons & Simmons.

North America
Ocorian has appointed Marc van Rijckevorsel as head of business development – corporate and fund services for the US. Based in New York, he reports to Ocorian’s chief commercial officer Simon Behan. Rijckevorsel was previously at Intertrust, where he held a variety of roles, most recently as commercial director responsible for business development and global client relationship management in the US.