Market Moves

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • Market moves update

    Company hires and sector developments in structured finance

    Alternatives alliance
    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 .......

    Market Moves 18 October 2018

  • Market moves update

    Company hires and sector developments in structured finance

    CRT poll results
    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 .......

    Market Moves 17 October 2018

  • Market moves update

    OFS equity investment

    OFS Credit Company has disclosed that it has invested in the equity tranches of 19 CLOs, 17 of which have a reinvestment period ending in 2022 or beyond, for a total cost of US$43.6m (US$53.4m principal amount). The move follows OFS Credit’s IPO, which closed on 10 October and resulted in net proceeds of US$50m. OFS Capital .......

    Market Moves 15 October 2018

  • Market moves - 12 October

    Company hires and sector developments in structured finance

    Cliff edge concerns

    ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw from the EU without a withdrawal agreement under Article 50 of the Treaty on European Union and without any transition, or implementation period, to allow market participants time to adjust. The paper sets out why a ‘no deal’ scenario has the potential .......

    Market Moves 12 October 2018

  • Market moves - 5 October Premium Content

    New hires and company developments in the structured finance sector

    Europe

    Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management.

    Reed Smith has hired Kevin-Paul Deveau as a partner to its financial industry group in London. Deveau joins from Dechert and will focus on advising lenders, general partners, ......

    Market Moves 5 October 2018

  • Market moves - 28 September

    The latest hires and company developments in the structured finance market

    Canadian pension partnership

    Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside experienced CLO asset managers. CPPIB Credit’s initial partnership in CLO equity investing will be with Sound Point Capital Management based in New York. CPPIB Credit will invest US$285mn in a .......

    Market Moves 28 September 2018

  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions

    HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......

    Market Moves 21 September 2018

  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched

    Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.

    CMBS downgrade review

    Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......

    Market Moves 14 September 2018

  • Market moves - 7 September

    New hires and company developments in the structured finance industry

    CRT expert wanted

    Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......

    Market Moves 7 September 2018

  • Market moves - 31 August

    The latest hires and company developments in the structured finance market

    Acquisition

    Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately US$278m. By combining Reis’s extensive data with Moody’s Analytics’ specialised capabilities, the firm aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. Under the terms of the merger agreement, .......

    Market Moves 31 August 2018
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