Market Moves
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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
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Canadian asset expansion
Sector developments and company hires
ILS
TigerRisk Partners has hired Stephen Fromm as vice chairman of TigerRisk capital markets and advisory. In his new role, Fromm will act as a senior investment banker focusing on insurance industry M&A, capital raising and strategic advice. Fromm was previously md and vice chairman of financial institutions investment banking at Deutsche Bank.
MBS purchase plans
The Bank of Canada .......
Market Moves 27 November 2018
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UK SLABS slated
Sector developments and company hires
EMEA
Eurocastle Investment has appointed Hammad Khan to its board as a non-executive director, increasing its number of directors to six. Khan is a representative of Eurocastle’s largest shareholder, an affiliate of EJF Capital, where he is a senior md and a senior member of the EJF Investments Manager investment team. He joined EJF in March 2013 and is responsible .......
Market Moves 23 November 2018
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CRT tranche downgraded
Sector developments and company hires
Acquisitions
Spruce Finance has been acquired by HPS Investment Partners. Spruce will be headquartered in Houston and maintain its executive and M&A offices in San Francisco. Christian Fong has joined the company as president and ceo after holding a position as co-chairman of the board of directors since early 2017. The transaction took place through Spruce Holdings, a .......
Market Moves 21 November 2018
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Fixed income head hired
Company hires and sector developments in structured finance
Newmark Group has established an operating committee consisting of key senior managers following the spin-off from BGC announced on the 13 November. The operating committee members are as follows: Lou Alvarado, chief revenue officer, previously senior md at Cushman & Wakefield; Raj Bhatti, cio, previous partner at Kinetix Trading Solutions; Jeff Day, president and head of multifamily capital .......
Market Moves 19 November 2018
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STS documents released
Sector developments and company hires in structured finance
ILS
Hiscox has made three new appointments to its ILS division. Mike Schindel has been promoted to head of North America underwriting from head of international underwriting. Schindel will continue to be based in Bermuda. Nick Orton has been promoted to head of international, based in London, and worked most recently as a senior underwriter within the international team. Finally, .......
Market Moves 16 November 2018
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CMBS desk launched
Sector developments and company hires in structured finance
Europe
Simmons & Simmons has hired James Grand to lead its CLO offering. Grand was previously a structured products partner at Freshfields where he spent over 20 years, specialising in advising both the sell-side and the buy-side on CLOs, as well as contentious and non-contentious derivatives work, structured credit, tax structured products, regulatory capital and prime brokerage.
Partnerships
Alexandria Capital .......
Market Moves 15 November 2018
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NPL transaction markets Premium Content
Sector developments and company hires in structured finance
NPL deal markets
Banco Santander Totta is in the market with Hefesto STC (Guincho), a €98m securitisation backed by a €481m portfolio, by gross book value (GBV), of Portuguese non-performing residential, commercial and unsecured loans originated by Banco Santander Totta. DBRS and Scope have assigned provisional ratings, respectively, of triple-B (low)/triple-B minus to the €84m class A notes and triple-C/single-B minus to the €14m ......
Market Moves 13 November 2018
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CLO investor poached
Company hires and sector developments in structured finance
Acquisitions
LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certain affiliated companies (Trimaran) from KCAP Financial. Following the close of the transaction, Trimaran’s cio and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team. Trimaran currently manages six CLOs with approximately US$3bn AUM and .......
Market Moves 9 November 2018
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CRE platform acquired
Sector developments and company hires in structured finance
Acquisitions
AXA Investment Managers has expanded its global debt platform through the acquisition of Quadrant Real Estate Advisors. This includes an acquisition of Quadrant’s investment team and management of US$9.4bn of US commercial real estate loan mandates. As part of the transaction, 24 members of Quadrant, including five of the founding members, will join AXA IM - Real Assets. .......
Market Moves 8 November 2018
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Global head hired
Company hires and sector developments in structured finance
Dechert has hired Cameron Mitcham as a partner in London at the firm’s global finance practice, joining from Allen & Overy. Mitcham will work with the CLO team and securitisation practice, acting for managers, arrangers, originators, investors and other deal parties in CLO transactions.
ING has hired Stefan Rolf as global head of securitisation for wholesale bank lending. Based in .......
Market Moves 6 November 2018
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Housing practice pinched
Company hires and sector developments in structured finance
Fund launch
Trium Capital is partnering with Ellington Global Asset Management to launch the Ellington Trium Alternative Credit UCITS, a long/short credit UCITS fund. The fund is set to be launched 4Q18 and will leverage Ellington’s expertise in RMBS, CMBS, CLOs and corporate credit relative value strategies.
ILS
Nephila Climate has hired Ariane West as director .......
Market Moves 5 November 2018
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Market moves update
Company hires and sector developments
ACIS resets due
The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Management and a notice confirming a court order that: conditionally approves its disclosure statement; schedules a combined hearing regarding final approval of the disclosure statement and confirmation of the plan; and sets related deadlines. The plan contains an injunction barring Highland Capital Management .......
Market Moves 2 November 2018
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Market moves update
Company hires and sector developments in structured finance
Acquisitions
Lennar Corporation has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for US$340m. The transaction is scheduled to close on 30 November, subject to consent by the funds managed by Rialto and customary closing conditions. Lennar will retain its Rialto Mortgage Finance business, which it expects to move into .......
Market Moves 31 October 2018
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Market moves update
Sector developments and new hires in structured finance
Acquisitions
Franklin Templeton has acquired Benefit Street Partners, expanding its fixed income capabilities to include an array of alternative credit strategies. The combination of BSP’s experience and capabilities with Franklin Templeton’s global scale and extensive resources in more liquid credit investing is expected to enhance the firm’s origination capabilities and increase its expertise across the leveraged finance market. .......
Market Moves 30 October 2018
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Market moves update Premium Content
Sector developments and company hires in structured finance
Moody's has downgraded the ratings of 123 tranches, placed on review for upgrade two tranches and affirmed 34 tranches in 84 Italian RMBS auto ABS, consumer loan ABS and consumer CDQ ABS deals . The rating actions were prompted by the rating agency's lowering of Italy's local-currency bond ceiling to Aa3 from Aa2. This which follows the downgrade of the ......
Market Moves 26 October 2018
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Market moves update
Sector developments and company hires in structured finance
China
Fitch Ratings has launched Fitch Bohua Credit Ratings to serve China's onshore bond market and has appointed Danny Chen as Fitch Bohua's ceo. Initially, the company will cover banks, non-bank financial institutions and insurers, as well as the structured finance sector. Chen was previously ceo of Qingdao Conson Financial Holdings. A team of analysts, business development and support staff .......
Market Moves 25 October 2018
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Market moves update Premium Content
Company hires and sector developments in structured finance
[b]Acquisition[/b]
[b]Miller[/b] is to acquire the independent London market (re)insurance broker[i], Alston Gayler and Co[/i], currently majority owned by Nelson Holdings Limited. The transaction will bolster Miller’s offering to clients and strengthen its position as a leading London wholesale and specialist broking platform. The transaction is subject to regulatory approval and financial terms were not disclosed.
[b]UK[/b]
Market Moves 23 October 2018
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Market moves update Premium Content
Company hires and sector developments in structured finance
Accrual clause nixed
The New York State Court of Appeals last week held that contractual attempts to extend the statute of limitations for causes of action involving breaches of contract are unenforceable because they violate New York law and public policy. In the case at issue, the plaintiff (Deutsche Bank National Trust Company) argued that the accrual clause ......
Market Moves 22 October 2018
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Market moves update
Company hires and sector developments in structured finance
Alternatives alliance
Market Moves 18 October 2018
DWS Group and Tikehau Capital have entered into an alliance, following Tikehau’s participation in the IPO of DWS in March 2018. Under the agreement, DWS and Tikehau intend to launch a joint product leveraging the two companies’ alternative asset management expertise and platforms, which is expected to launch in 2019. The partners intend to cross-invest in respective funds, with .......
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Market moves update
Company hires and sector developments in structured finance
CRT poll results
Market Moves 17 October 2018
The results from SCI’s ‘What’s in a name?’ survey are in. Delegates at SCI’s Capital Relief Trades Seminar yesterday were polled as to what the most appropriate term should be for capital relief trades from 11 different choices. Out of over 80 responses, 22% voted for ‘credit risk transfer’, 20% for ‘risk-sharing transaction’, 18% for ‘capital relief .......
