Complete news archive

  • Novation process streamlined

    ISDA has launched its 'Credit Consent Equals Confirmation' project in order to continue its initiative to streamline the process of assigning credit derivative trades (see SCI issue 196). The process will go live on 30 September 2010.

    The objective of the project is to rationalise the current two-step practice of consent followed by confirmation, with an automated, single-step process for .......

    News Round-up 1 September 2010

  • LNR tops MBA special servicing collateral list

    LNR Partners was the top listed total US collateral named special servicer for CMBS, CDOs and ABS in the Mortgage Bankers Association's mid-year survey, as of 30 June. The firm's servicing volume totalled US$209.2bn for 15,784 loans. The average size of its loans was US$13.3m.

    CWCapital and CWCapital Asset Management took second place in the survey, with servicing amounting to .......

    Job Swaps 1 September 2010

  • Trader switches to CDS indices

    Jeff Psaki, BarCap's former co-head of distressed debt trading in New York, has relocated to the firm's global markets division in London as a CDS index trader. He will report to Connor Brown, head of fixed income Europe strategic trading.

    .......

    Job Swaps 1 September 2010

  • FI vets launch NY broker-dealer

    Further details have emerged about the launch of the new fixed income broker-dealer KGS-Alpha Capital Markets (see last issue). Arsenal Capital Partners has provided US$100m equity capital to Levent Kahraman and Dan Goldman to form the New York-based firm, which will focus on MBS, ABS and agency debt securities.

    As president of the firm, Goldman brings 25 years of experience .......

    Job Swaps 1 September 2010

  • Bank adds CDS trading pair

    Vassilis Paschopoulos and Robert Purvis have joined UBS as corporate credit derivatives traders in the bank's European credit team in London. The pair will report to Derrick Herndon, European head of credit.

    .......

    Job Swaps 1 September 2010

  • Acquisition strengthens broker force

    BGC Partners has completed the acquisition of various assets and businesses of Mint Partners and Mint Equities, with over 100 brokers from Mint's international business joining BGC. Mint will conduct business as usual and maintain its unique brand name and market identity as a division of BGC.

    Shaun Lynn, president of BGC Partners, comments: "Selective acquisitions, hiring experienced brokers and .......

    Job Swaps 1 September 2010

  • Expanding CRE platform adds md

    Steven Roberts has joined Grubb & Ellis as senior md, debt & equity finance. He comes from Citi, where he was in part responsible for the foundation of the company's CMBS lending programme and co-led its conduit business as the head of origination.

    Over the past 24 months, Grubb & Ellis has strengthened its debt and equity finance capabilities, recruiting .......

    Job Swaps 1 September 2010

  • Credit manager moves on

    F&C Investments has appointed Fiona Prendergast as client director in its institutional team. She will report to the firm's head of UK institutional business and global consultants, Julian Lyne.

    Prendergast joins from Banquo Credit Management, where she was most recently a client relationship manager. She spent six years with the firm in a number of roles, including derivatives and repo .......

    Job Swaps 1 September 2010

  • Ambac restructuring discussed

    Ambac Financial Group (AFG) in its latest 10-Q filing ramped up the tone of what it has hinted at since November 2009 - a bankruptcy filing of the holding company. However, Moody's suggests in its Weekly Credit Outlook that a holding company bankruptcy is unlikely to have a direct material effect on the group's operating subsidiaries and their policyholders.

    AFG .......

    Job Swaps 1 September 2010

  • Boutique names private banking head

    Bank Hapoalim has appointed Paul Mann to head its private banking business in the UK. He will report to Avi Levi, the bank's UK general manager.

    Mann joins the firm from UBS, where he was executive director and head of the Israel team in London. Prior to joining UBS, he was md and head of global strategic relationships for the .......

    Job Swaps 1 September 2010

  • BarCap md to join rival

    Christian Marks is understood to be joining Bank of America Merrill Lynch in London. He will join in October as md, reporting to Martin Migliara, head of the ABS and CMBS trading desk. Marks is leaving a role as md in Barclays Capital's securitisation team.

     

    .......

    Job Swaps 1 September 2010

  • New banking head steps up

    Mayer Brown has promoted Dominic Griffiths to head its banking & finance group in London. Griffiths takes over from Bruce Bloomingdale, who will now concentrate on increasing the synergies between the firm's European and US finance practices, as well as continue to advise clients on international finance transactions.

    As a banking and structured finance lawyer, Griffiths' practice focuses on asset-based .......

    Job Swaps 1 September 2010

  • Law firm beefs up Russian presence

    Chadbourne & Parke has added a partner to its Russian operations. Banking and finance attorney Simon Morgan has joined the firm's Moscow office.

    Morgan joins from White & Case, where he served as head of the Central and Eastern European capital markets practice. He was also head of White & Case's Moscow bank finance and capital markets groups and co-headed .......

    Job Swaps 1 September 2010

  • Basis funds reach milestone AUM

    Assenagon Asset Management has reached the €1bn AUM mark with its two bond funds, Assenagon Credit Basis and Assenagon Credit Basis II. Assenagon Credit Basis launched in April 2009 and totals €400m AUM, while Assenagon Credit Basis II launched in January 2010 and has since recorded €600m in inflows.

    Like its predecessor, Credit Basis II exploits imbalances on the capital .......

    Job Swaps 1 September 2010

  • CDPC's operating guidelines updated

    Channel Capital is proposing to amend its operating guidelines, capital model technical document, administration agreement and capital model code. The amendments primarily change the CDPC's ratings tests and investment guideline restrictions, and reflect a transfer of some services from QSR Management to Mourant & Co.

    Changes to the rating tests include: updating Channel's modelling assumptions to match those of Moody's .......

    Job Swaps 1 September 2010

  • Broker's valuation practice expands

    Following its recent acquisition by Tullett Prebon, OTC Valuations (OTC Val) has opened sales and client service offices in London and New York. Bob Sangha, head of the Americas for OTC Val, will be based in New York, while Miroslav Vanous, head of EMEA, will be based in London. Paul Bergbusch will be head of technology in Vancouver.

    Paul Humphrey, ceo of .......

    Job Swaps 1 September 2010

  • Analytics provider expands into Korea

    Numerix has opened a new regional office in Seoul, South Korea, becoming the first derivatives analytics company to provide local sales and quantitative support in the country.

    The new office symbolises the growth and importance of the derivatives markets in South Korea, the firm says, enabling it to provide local sales and analytical support. Numerix has been busy in the region, .......

    Job Swaps 1 September 2010

  • ABS issuer struggles on NASDAQ

    Shares in specialty finance company Consumer Portfolio Services (CPS) are failing to make the US$1 minimum bid price on NASDAQ. CPS received a NASDAQ staff deficiency letter last week.

    CPS has until 22 February 2011 to regain compliance or its common stock could be delisted. The company has slowed its purchasing of auto loans since the credit crisis, but it .......

    Job Swaps 1 September 2010

  • Veteran trader joins hedge fund manager

    PVE Capital has appointed Marc Garcia as portfolio manager for its new advisory mandate. His responsibilities include managing two UCITS III funds totalling €90m in AUM.

    Christian Evans, a founding partner of PVE Capital, says: "Marc's long experience in cash trading will help PVE to expand and diversify investment activity beyond its pure hedge fund business and allow the company .......

    Job Swaps 1 September 2010

  • Ratings firm names US mortgage head

    S&P has appointed Grace Osborne as business leader for US mortgages in its structured finance ratings group. She will report to David Jacob, the firm's executive md and head of structured finance ratings.

    As an employee of S&P since 1996, Osborne was previously lead analytic manager and head of the North America insurance practice.

    .......

    Job Swaps 1 September 2010

  • Trading director rejoins SEC

    The US SEC has appointed John Ramsay as deputy director in its trading and markets division. He will focus on broker-dealer financial responsibility and clearance and settlement, while also playing a key role in the Commission's wide implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Ramsey joins the division's other deputy director, James Brigagliano.

    Between 1989 and .......

    Job Swaps 1 September 2010
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