Market Moves

  • Agency launches new Euro office

    Company hires and sector developments

    Europe

    Alantra has hired James Fadel as md. He was previously head of structured finance advisory at Deloitte.

    DBRS has opened a new office in Madrid, making this its third European office - it is already up and running with analysts having relocated to Madrid from the London office. It will assign ratings to serve market participants looking for expertise .......

    Market Moves 14 January 2019

  • Solar equity ABS launched

    Sector developments and company hires

    Acquisitions

    American Mortgage Consultants (AMC) has acquired Meridian Asset Services, (Meridian), joining two of the premier service providers in the residential secondary mortgage market. The transaction will unite Meridian’s leading collateral, curative and title QC capabilities with AMC’s third-party review services and technology to support rated private-label securitisation transactions, due diligence and quality control. Meridian will operate as .......

    Market Moves 11 January 2019

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019

  • UK tax partner pinched

    Sector developments and company hires

    UK

    Hunton Andrews Kurth has recruited David Klass as a partner in its London office. Klass brings more than 15 years of experience advising on a wide range of tax issues and transactions, particularly those with an international element. Among the clients he advises are asset originators and arrangers in connection with structured finance deals. He was previously .......

    Market Moves 8 January 2019

  • Freddie Mac launches debut reinsurance deal

    Company hires and sector developments

    Acquisitions

    doBank has acquired 85% of NPL servicer Altamira Asset Management from entities affiliated with funds managed by Apollo Global Management, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, following a competitive sales process. The shareholding involved in the sale may be increased to 100%, should Santander - holder of the remaining 15% interest in the .......

    Market Moves 7 January 2019

  • Pair promoted Premium Content

    Sector developments and company hires

    UK

    TwentyFour Asset Management has appointed two new partners from within its portfolio management team. Felipe Villarroel, a portfolio manager on the multi-sector Bond team, and Douglas Charleston, a portfolio manager for the firm’s asset-backed securities funds, will become partners early in 1Q19. Prior to joining TwentyFour, Charleston was an associate director in asset-backed solutions at Lloyds.

    ......

    Market Moves 4 January 2019

  • Global finance partner hired

    Sector developments and company hires

    NPL transactions

    IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte dei Paschi di Siena. The portfolio acquired includes over 83,000 debtors with 16% comprised of consumer loans. The remaining 84% consists of unsecured small ticket banking NPLs.

    JPMorgan and Mediobanca are co-arrangers on a cash securitisation of Italian NPLs worth approximately €2.541m. Dubbed Belvedere .......

    Market Moves 2 January 2019

  • Ex-LSE ceo hired

    Sector developments and company hires

    EMEA
    CQS     has appointed Xavier Rolet, previously ceo of the London Stock Exchange, as ceo. Michael Hintze, CQS' founder, will continue as the firm’s senior investment officer and will become group executive chairman. Rolet will lead the firm's next stage of growth, enabling Hintze to focus on investment management.

    Partners Group has promoted 10 leaders from across the business .......

    Market Moves 24 December 2018

  • Inaugural post-crisis CLO prepped

    Sector developments and company hires

    CLO manager comeback

    AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have ratings on the rest of the notes.

    Fairhold development

    Fairhold Securitisation Limited has issued a notice that the new respondents, as .......

    Market Moves 21 December 2018

  • ILS ventures launched

    Sector developments and company hires

    ILS

    Rewire Holdings and Vida Capital have announced the formation of Merion Square Capital, a joint venture which combines the two companies. The asset manager has established an open-ended fund structure which will primarily invest in ILS with an emphasis on property and casualty insurance, as well as annuities and mortality-related products. Merion Square will be led and .......

    Market Moves 19 December 2018

  • Cerberus explores RMBS options

    Sector developments and company hires

    Granite alternatives

    Cerberus European Residential Holdings is exploring strategic alternatives with respect to the mortgage loans held in the Towd Point Mortgage Funding 2016-Granite1 and 2016-Granite2 RMBS, which will become eligible for optional redemption from April and May of 2019 respectively. The firm has engaged Morgan Stanley and Bank of America Merrill Lynch as its financial advisors to .......

    Market Moves 17 December 2018

  • ABSPP plans published

    Sector developments and company hires

    APP reinvestment set

    The ECB has outlined the technical parameters for the reinvestment of the principal payments from maturing securities purchased under its asset purchase programmes after net asset purchases cease at end-December 2018. It expects to reinvest ABSPP redemptions back into the ABS market and CBPP3 redemptions back into the covered bond market. The bank says it will aim .......

    Market Moves 14 December 2018

  • STS guidelines published

    Sector developments and company hires

    P2P head hired

    Dynamic Credit has hired Giles Andrews as chairman of its supervisory board. The board will have three members and serves to strengthen the corporate governance of Dynamic Credit Group (DCG), which comprises of the asset manager and direct lender Dynamic Credit and the investor servicing platform LoanClear. Andrews is co-founder of Zopa and, in addition to his .......

    Market Moves 13 December 2018

  • Global leader appointed

    Sector developments and company hires

    Amended complaint filed

    The state of Colorado has filed a Second Amended Complaint relating to state court actions against Avant and Marlette, alleging that the platforms have violated its Uniform Consumer Credit Code (SCI 12 May 2017). According to a Chapman and Cutler client memo, in addition to making the same claims against the platforms, the state is suing .......

    Market Moves 12 December 2018

  • Libor consultation launched

    Sector developments and company hires

    ILS

    Peak Reinsurance Company has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock, to provide collateralised retrocession for part of Peak Re’s global property reinsurance risk portfolio. The establishment of this special financial structure, referred to as a “reinsurance sidecar”, allows investors to take on the risk and benefit from specific books .......

    Market Moves 11 December 2018

  • Corporate finance partner hired

    Sector developments and company hires

    CDO manager transfer

    Dock Street Capital Management has replaced Deerfield Capital Management as collateral manager for the Buckingham CDO II and III ABS CDOs. Under the terms of the appointment, Dock Street agrees to assume all the responsibilities, duties and obligations of the collateral manager under the indenture. Moody's has confirmed that the move will not result in .......

    Market Moves 7 December 2018

  • BTL securitisation planned

    Sector developments and company hires

    Europe

    Accunia has promoted Mads Romild as head of Accunia’s CLO platform. Romild will continue as cio and head all Accunia investment strategies. Andres Garcia Bartolome and Rajiv Thaker are also promoted to senior portfolio managers and will be responsible for the portfolio management of the three existing and all new Accunia CLOs. Romild previously held a position as chief portfolio .......

    Market Moves 6 December 2018

  • BDC merger announced

    Sector developments and company hires

    BDC merger

    Golub Capital BDC (GBDC) has merged with Golub Capital Investment Corporation (GCIC), with GBDC as the surviving company, subject to certain stockholder approvals and customary closing conditions. The combined company will remain externally managed by GC Advisors and all current GBDC officers and directors will remain in their current roles. The transaction is expected to close .......

    Market Moves 4 December 2018

  • ESAs suggest 'proportion'

    Sector developments and company hires

    Aussie securitisation fund

    The Australian government has introduced a A$2bn Australian Business Securitisation Fund, which will provide significant additional funding to smaller banks and non-bank lenders to on-lend to small businesses on more competitive terms. The fund will be administered by the Australian Office of Financial Management (AOFM), consistent with its prior involvement in the RMBS market in .......

    Market Moves 3 December 2018

  • NPL plans accelerated

    Company hires and sector developments

    Eurobank merger

    Eurobank is merging with Grivalia in a bid to accelerate the reduction of non-performing exposures to a ratio of approximately 15% by end-2019 and single-digits by 2021. The transaction envisages an NPE deconsolidation of approximately €7bn, with all shareholders keeping potential upside from the assets. The merger will create the best capitalised bank in Greece, with .......

    Market Moves 30 November 2018

  • Funding boost for online lender

    Sector developments and company hires

    Alesco CDOs transferred

    The collateral management agreements for the Alesco Preferred Funding X to XVII Trups CDOs have been assigned to Hildene Collateral Management Company (HCMC), an affiliate of Hildene Capital Management. Under the terms of the assignments, HCMC agrees to assume all the responsibilities, duties and obligations of the current collateral manager (ATP Management) under the agreements and under .......

    Market Moves 29 November 2018

×