Market Moves

  • ESG cat bond fund launched

    Sector developments and company hires

    Paschal Brooks and Justin Hull have co-founded Sustain ILS Management. Headquartered in New Jersey, the firm is an independent investment manager with a focus on sustainability and ESG within the catastrophe bond and reinsurance sectors. Brooks was previously ceo of AlphaCat Capital, which he joined in December 2011 as a portfolio manager. Before that, he worked at Goldman Sachs and .......

    Market Moves 21 April 2022

  • 17Capital closes largest debut private credit fund

    Sector developments and company hires

    17Capital has closed its inaugural NAV lending fund with €2.6bn in capital raised, exceeding its €1.5bn target. The 17Capital Credit Fund marks one of the largest debut private credit funds to be raised, and comes as demand for NAV financing continues to rise and is expected to grow from a US$100bn market today to become a US$700bn market by 2030.  .......

    Market Moves 20 April 2022

  • IIG exec sentenced to prison

    Sector developments and company hires

    IIG exec sentenced to prison
    David Hu, former managing partner and cio International Investment Group (IIG), has been sentenced to 12 years in prison for his role in an over US$120m scheme to defraud IIG’s clients and investors (SCI 29 January 2021). The sentence will be formally imposed following the conclusion of forfeiture and restitution proceedings in the case, .......

    Market Moves 14 April 2022

  • Amended risk retention RTS published

    Sector developments and company hires

    Amended risk retention RTS published
    The EBA has published its final draft regulatory technical standards (RTS) specifying the requirements for originators, sponsors and original lenders related to risk retention, as laid down in the Securitisation Regulation and as amended by the Capital Markets Recovery Package (CMRP). The RTS aim to provide clarity on the risk retention requirements, thereby ensuring a .......

    Market Moves 13 April 2022

  • PCMA appoints new MD

    Sector developments and company hires

    PCMA welcomes Thien Nguyen to its senior leadership and investment team as the firm bolsters its expertise in super prime, private client credit. Nguyen will focus on establishing new and managing existing investment strategies and capital market solutions across secondary market trading, structured credit, syndication, and credit risk exposure across the firm’s enterprises. Nguyen joins PCMA as md for capital .......

    Market Moves 12 April 2022

  • Lakemore Partners appoints independent board member

    Sector developments and company hires

    Lakemore has appointed Howard Tiffen as an independent member on its board of directors. With more than four decades of experience in credit, product, and portfolio management, Tiffen brings extraordinary knowledge in high yield capital markets to the firm. Tiffen has held senior credit management positions at numerous firms, including Continental Bank, Bank of America, and Van Kempen (now Invesco). .......

    Market Moves 8 April 2022

  • Nuveen closes CLO issuance fund

    Sector developments and company hires

    Nuveen has announced the close of its inaugural CLO equity fund with over US$375m in committed capital. The Nuveen CLO Issuance Fund was supported by global public and private pension plans, family offices, as well as insurance companies, and will provide the opportunity to invest alongside Nuveen’s parent company, TIAA. The firm hopes the fund will offer exposure to the .......

    Market Moves 6 April 2022

  • WhiteStar acquires Carlson Capital's CLO business

    Sector developments and company hires

    WhiteStar Asset Management has announced its acquisition of five reinvesting CLOs of more than US$2bn managed by Carlson CLO Advisers. WhiteStar will take on all collateral management duties of the Cathedral Lake branded CLOs, effective from 31 March 2022. WhiteStar and Carlson were represented in the transaction by Milbank and Mayer Brown, respectively. The acquisition follows WhiteStar’s recent expansion, acquiring .......

    Market Moves 4 April 2022

  • BNP Paribas Asset Management acquires majority stake in Dynamic Credit Group

    Sector developments and company hires

    BNP Paribas Asset Management has announced the completion of its acquisition of a majority stake in Dutch asset manager, Dynamic Credit Group (DCG). The acquisition marks an important step in BNPP AM’s strategic plan to expand its investment business, and particularly its private debt platform. The firm hopes the integration of DCG into BNPP AM teams will enhance its private .......

    Market Moves 1 April 2022

  • First Eagle Investments to acquire Napier Park Global Capital

    Sector developments and company hires

    First Eagle Investments has announced its agreement to acquire leading alternative credit manager, Napier Park Global. The deal is expected to close within the next few months, and will see Napier Park retain its investment and operating autonomy. At the close of 2021, First Eagle had a reported US$110.5bn in assets under management, with this acquisition set to increase further .......

    Market Moves 31 March 2022

  • Sixth Street establishes structured products business

    Sector developments and company hires

    Sixth Street has announced the formation of a dedicated structured products business to further enhance its capabilities as a strategic capital partner and solutions provider at scale. Sixth Street structured products builds upon the firm’s existing expertise and will focus on asset and platform investing and origination across finance markets, including commercial and residential mortgages, renewables and energy finance, consumer .......

    Market Moves 29 March 2022

  • Secondary CLO equity fund launched

    Sector developments and company hires

    Accunia Credit Management has launched a CLO equity fund called King’s Garden. The firm is targeting an IRR of at least 15% over the fund’s lifespan by investing in CLO equity tranches in the secondary market.

    The new strategy completes Accunia’s credit product suite aimed at family offices and ultra high net-worth individuals. The firm says it will start deploying .......

    Market Moves 25 March 2022

  • Wrapped ratings upgraded

    Sector developments and company hires

    Moody's has upgraded the ratings of 148 classes of US structured finance securities wrapped by Assured Guaranty Municipal (AGM), Assured Guaranty (AGC) and their affiliated insurance operating companies, as well as one class of US securities wrapped by AGM. The securities impacted include certain RMBS and ABS notes. The move follows Moody's upgrade of the insurance financial strength (IFS) .......

    Market Moves 23 March 2022

  • Equitable Holdings subsidiary to acquire CarVal Investors

    Sector developments and company hires

    Equitable Holdings has announced the acquisition of CarVal Investors by its subsidiary, AllianceBernstein. The agreement to acquire the global private alternative investment manager with US$14.3bn in AUM falls in line with Equitable Holdings’ strategy to further its differentiated business model and increase returns. CarVal focuses on opportunistic and distressed credit, as well as renewable energy infrastructure, speciality finance, and transportation .......

    Market Moves 18 March 2022

  • Barrow Hanley closes inaugural CLO equity fund

    Sector developments and company hires

    Barrow Hanley Global Investors has closed on its inaugural CLO equity fund – the Barrow Hanley CLO Fund I LP. The fund will be managed by the existing alternative credit team and follows the aims of the firm’s strategic partner, Perpetual Limited, to expand the product offering at Barrow Hanley. Perpetual, alongside employees at Barrow Hanley, have invested 35% of .......

    Market Moves 17 March 2022

  • IGLOO SME scheme unveiled

    Sector developments and company hires

    The EIF is supporting the Italian Guaranteed Loan Origination Platform (IGLOO), a new state-backed initiative that aims to provide €170m in opportunities for growth and financing for at least 800 SMEs and mid-caps in Italy. Promoted by Gruppo MutuiOnline and Gruppo NSA, the platform has a particular focus on criteria relating to climate transition and environmental sustainability.

    The EIF will participate via .......

    Market Moves 15 March 2022

  • Carlyle tops rankings on CLO acquisition

    Sector developments and company hires

    Carlyle is set to acquire from CBAM Partners a portfolio of assets using a combination of US$615m in cash from Carlyle’s balance sheet and approximately 4.2 million newly issued common shares. CBAM’s US$15bn in assets under management - the majority of which are in CLO funds - will be integrated into Carlyle’s global credit platform. The transaction will increase .......

    Market Moves 10 March 2022

  • MV Credit plans to open new office

    Sector developments and company hires

    Natixis Investment Managers affiliate, MV Credit, is set to open a new Paris office under the leadership of Arnaud Heck. The new entity will integrate Ostrum Asset Management’s former private debt team to establish a new team of 16 at MV Credit France. Heck will serve as md and head of MV credit France, and under his leadership the .......

    Market Moves 8 March 2022

  • SLC continues expansion

    Sector developments and company hires

    SLC Management has promoted Bryan Rowe, Daniel Lucey, Jacqueline Gallant and Jeffery Meyer as the firm continues to expand its business and investment capabilities. Effective from 26 March, the four will work as senior mds at the firm. Firstly, Rowe has been promoted to senior md for global portfolio management, having spent more than 15 years at the firm, and .......

    Market Moves 3 March 2022

  • Pemberton hires head of new CLO platform

    Sector developments and company hires

    Pemberton, the alternative credit specialist, has announced the appointment of Rob Reynolds as head of its new CLO platform. The new CLO platform, which is subject to FCA UK regulatory approval, compliments existing lines of strategic focus. Reynolds will lead its expansion into the European CLO market, using his European CLO and leveraged loan markets expertise to build the new business .......

    Market Moves 1 March 2022

  • ERCF final rule published

    Sector developments and company hires

    The FHFA has published a final rule that amends the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount and risk-based capital treatment of retained credit risk transfer (CRT) exposures for Fannie Mae and Freddie Mac. The amendments reflect the feedback the FHFA received last year and aim to advance its mission of ensuring the enterprises are .......

    Market Moves 28 February 2022

×