Market Moves

  • 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

  • TEAK wins CIFC philanthropic support

    Sector developments and company hires

    CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO - CIFC Funding 2022-II – .......

    Market Moves 24 February 2022

  • Greater progression

    Sector developments and company hires

    Maples Group has announced the hire of two new structured finance professionals, expanding its offering in its London and Jersey offices. Emma Tighe will join the firm in its London office as vp, having spent more than 14 years working in structured finance and most recently serving as relationship manager on the US Bank CLO team. Tighe has expertise across .......

    Market Moves 17 February 2022

  • Continued growth

    Sector developments and company hires

    Briarcliffe has made two more new appointments as it continues the expansion of its private credit business. Kyle Abel joins the firm as new head of GP advisory from First Avenue, where he served as md and US head of project management. Additionally, Robert Molina has been promoted to head of origination, having previously worked as md of GP advisory, .......

    Market Moves 16 February 2022

  • HKMC inks infrastructure MoUs

    Sector developments and company hires

    HKMC inks infrastructure MoUs
    The Hong Kong Mortgage Corporation (HKMC) has signed a memorandum of understanding on an infrastructure loans framework with 14 partner banks. The MoUs set out the principal terms for potential infrastructure loan cooperation between the HKMC and the partner banks on both primary participation and secondary sale bases, including the loan selection criteria, mode of participation .......

    Market Moves 11 February 2022

  • Agencies win 'valid-when-made' cases

    Sector developments and company hires

    Agencies win ‘valid-when-made’ cases
    The US OCC and FDIC yesterday received favourable court rulings in cases challenging their ‘valid-when-made’ rules. In each case, the plaintiffs were three states – California, Illinois and New York – challenging the validity of the rulemakings.

    The states' attorney generals alleged that both federal agencies violated the Administrative Procedure Act. In particular, the plaintiffs .......

    Market Moves 9 February 2022

  • KIS embraces asset management

    Sector developments and company hires

    Kuvare Insurance Services (KIS) has launched a third-party asset management business. Over the past two years under the leadership of president and cio Brian Roelke, KIS has built a seasoned team of insurance industry professionals and asset class specialists to drive portfolio performance across Kuvare’s operating companies. The firm now plans to extend its experience across private asset-backed and structured .......

    Market Moves 8 February 2022

  • CIP, Whitecroft partner for infrastructure SRT

    Sector developments and company hires

    Copenhagen Infrastructure Partners (CIP) is marketing its inaugural debt fund – the CI Green Credit Fund I (CI GCF I) – having secured €320m in seed capital. Targeting a size of €1bn, the fund will provide private project finance debt with subordinated risk characteristics supporting renewable energy projects globally.

    Focus will be on green- and brownfield projects in offshore wind, .......

    Market Moves 7 February 2022

  • STS register rolled out

    Sector developments and company hires

    ESMA has launched its STS Register for the notification of securitisations under the Securitisation Regulation. The entry into force of the Securitisation Regulation on 1 January 2019 introduced an obligation for originators and sponsors to jointly notify ESMA and their National Competent Authorities that a securitisation meets the STS criteria for being granted the STS label.

    ESMA has put in .......

    Market Moves 4 February 2022
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