Sector developments and company hires

Signet Bank has launched the first securitisation in Latvia, in cooperation with car leasing company Primero. The bank supported its subsidiary in the issuance of a €9.46m ABS.

The seven-year transaction consists of a senior tranche and a junior tranche and is secured by a lease and leaseback portfolio of secured auto loans. The issuance is aimed at attracting additional financing to support Primero’s growth plans.

Primero provides financing of new and used cars for both individuals and legal entities for up to seven years and up to €25,000. The company cooperates with more than 200 car dealers throughout Latvia and currently serves more than 6,000 customers.

In other news…

EMEA

Mayer Brown has appointed structured finance lawyer, Ronan Mellon, as a partner in its banking and finance practice in London. Mellon joins the firm from DLA Piper, where he has served as a partner for eight years, and brings extensive experience in representing issuers, arrangers, investment managers, and investors in an array of complex finance transactions. Mayer Brown hopes the new addition will further its investment commitment in London to its banking and finance capabilities and enhance its offering to institutional investors worldwide.

North America

Greystone has appointed Clive Lipshitz as md in its corporate finance group, reporting to Jeffrey Baevsky, executive md in corporate finance. Based in New York, Lipshitz will oversee institutional investor outreach and develop a new investment management initiative. Prior to Greystone, he was responsible for strategy and product development at Credit Suisse Alternative Investments, having previously worked at Brookfield and Tradewind Interstate Advisors.

The move comes as Greystone is set to purchase the B-piece of the US$1.09bn BANK 2022-BNK43 CMBS, marking its first primary B-piece investment. The firm will also serve as special servicer for the conduit offering.

Swiss Re has named Weilong Su head of portfolio management for SRILIAC, its new ILS investment advisory business (SCI 5 August). Based in New York, Su was previously senior ILS portfolio manager at Swiss Re, which he joined in May 2012.

Two Harbours has recruited Nicholas Letica as its new cio to lead the firm’s investment and hedging strategy. Letica joins the firm from TD Securities where he served as md, co-head of securitised products sales and trading, and led its MBS trading business. In his new role, Letica will report directly to president and ceo, William Greenberg, who also previously served as Two Harbours’ cio. The firm hopes the addition of Letica and his MBS expertise will aid the development to its overall agency and MSR strategy.