Market updates and sector developments

GLAS SAS is set to acquire Paris-based asset management and trust business Pristine, subject to regulatory approval and customary closing conditions. This is GLAS’s first acquisition as it seeks to strengthen its European footprint and fast-track global expansion.

Established in 2016, Pristine provides fund structuring and management services to both international and domestic institutions with the primary purpose of facilitating corporate financing in France. The firm has a diversified track record in restructuring, structured finance and other ad hoc financing projects.

GLAS SAS launched its French operations in 2018 and has since built a sizeable team, headed by Aymeric Mahe. He joined the firm in April 2020 from SG CIB, where he was deputy head of legal - DCM.

GLAS SAS and Pristine will constitute a team of over 40 people in Paris, with the differentiated proposition of operating, in their respective activities, under the regulation of both the ACPR and the AMF. Bringing together industry knowledge and complementary services will immediately benefit both firms’ existing clients and means that GLAS is well-positioned to manage larger and more complex transactions in the future.

In other news…

ABS CDO investment adviser replaced
Dock Street Capital Management has replaced TCW Asset Management Company as investment adviser on Porter Square CDO I. A certificate of acceptance of appointment has been executed, under which Dock Street accepts its appointment as replacement investment adviser and certifies that it satisfies the conditions of an eligible successor, as set forth in the investment advisory agreement. Moody's has confirmed that there is no adverse rating impact on the ABS CDO’s class C notes, given the experience and capacity of Dock Street to perform the duties of investment adviser to the issuer.