Complete news archive

  • Hedge hunting

    Ari Bergmann, principal at Penso Advisors, answers SCI's questions

    Q: How and when did Penso Advisors become involved in the business of systemic risk management?
    A:     Penso Advisors advises on systemic risk and manages tail hedging strategies for clients. The business was established at the beginning of 2010 because there was a realisation that systemic risk is here to stay. Systemic risk hit the market .......

    Provider Profile 14 July 2010

  • CDO manager launches mis-selling suit

    Cambridge Place Investment Management (CPIM) is suing 15 investment banks in the Massachusetts courts for allegedly mis-selling US$2.4bn worth of US RMBS between 2005 and 2007. The CDO manager claims that the banks mis-sold approximately 140 RMBS bonds to the Camber 3 ABS CDO and approximately 92 bonds to Camber 4 by "making untruthful statements in the offerings of the .......

    Job Swaps 14 July 2010

  • Trading division adds CMBS team

    Macquarie Group's fixed income, currencies & commodities group has expanded its credit trading division with the addition of a new commercial mortgage finance and CMBS team. The New York-based team will be led by Randy Reiff and adds an additional sector of mortgage origination, trading and securitisation expertise to the firm.

    Reiff joins as md and head of commercial mortgage .......

    Job Swaps 14 July 2010

  • 'Toxic mortgage-linked' class action to proceed in part

    The US District Court for the Southern District of New York has ruled that a consolidated amended class action can proceed in part against Citigroup and 80 other underwriting banks. The plaintiffs - seven US pension plans and an insurance company - contend that the defendants made materially untrue or misleading statements or omissions in public offering materials associated with .......

    Job Swaps 14 July 2010

  • New CMBS md named

    Kara McShane has joined Wells Fargo as md, responsible for leading CMBS transactions to market, as well as serving as chief trader of new-issue CMBS deals. She will report to md Julie Caperton, head of asset-backed finance and securitisation.

    McShane was formerly an executive at Morgan Stanley, where she ran the bank's capital markets team for structured finance products. Before .......

    Job Swaps 14 July 2010

  • US syndicate head hired

    Brian Wiele has joined Barclays Capital as md and head of US securitisation syndicate. Wiele will be based in New York and report to Mark Bamford, head of global fixed income syndicate.

    Wiele joins BarCap from StormHarbour, where he was most recently head of US ABS new issue syndicate. Prior to this, Wiele spent nine years at Deutsche Bank and .......

    Job Swaps 14 July 2010

  • Real estate partners recruited

    Eric Schwartz has joined Ranieri Real Estate as president and founding partner, together with Imran Ahmed, who joins as founding partner, advisory.

    Schwartz will oversee all aspects of the commercial real estate merchant bank, while Ahmed will lead the firm's build-out of its advisory and investment management businesses. The addition of Schwartz and Ahmed continue to augment the real estate .......

    Job Swaps 14 July 2010

  • New evp for advisory arm

    Kristofer Kraus has joined PIMCO's New York office as evp, where he will be responsible for new business development and relationship management for PIMCO Advisory.

    Sabrina Callin, md and head of PIMCO Advisory, says: "Kristofer brings a wealth of experience in trading, valuing, structuring and selling complex assets. His addition to our team will further strengthen the services that PIMCO .......

    Job Swaps 14 July 2010

  • Boutique adds two mds

    Vincent Lima has joined Moelis & Company as md, together with Joseph Simon who joins as md and cfo. The pair will be based in the firm's headquarters in New York.

    Lima will be responsible for providing capital markets advisory solutions and managing transaction executions, while Simon will oversee all finance and accounting matters.

    Lima joins from Christopher Street Capital, .......

    Job Swaps 14 July 2010

  • Credit fund wins strategic investment

    SkyBridge Capital is to make a strategic investment in Viathon Capital's Whitewater long/short credit opportunity fund, which focuses on liquid debt instruments of US and European corporate issuers. The portfolio consists primarily of single-name loans and bonds selected through a fundamental credit research and corporate finance investment process.

    SkyBridge's investment is being made from its SkyBridge Capital II Fund. In .......

    Job Swaps 14 July 2010

  • Replacement ceo for investment advisors

    Prytania Investment Advisors ceo Malcolm Perry is returning to live and work in Australia. He has been ceo at Prytania since April 2007 and will now be taking up a senior banking position based in Melbourne. Prytania non-executive director Joe Cook will replace Perry as ceo this month.

    "Prytania would like to thank Malcolm for his contribution over the past .......

    Job Swaps 14 July 2010

  • Research house hires derivatives director

    Sean Owens has joined Woodbine Associates as director, fixed income and derivatives. He will focus on analysis of strategic, business, regulatory, market structure and technology issues in the global fixed income and derivatives markets. He will also lead consulting engagements for firms impacted by these issues.

    Owens has over ten years' experience in the fixed income and currency markets as .......

    Job Swaps 14 July 2010

  • Advisory firm appoints restructuring md

    Frank Jung has joined Hawkpoint's Frankfurt office as md, where he will lead the firm's German restructuring and debt advisory practice. He comes from Jefferies, where he headed its Anglo German financial restructuring practice. Previously, Jung had been an executive director at Goldman Sachs in its Anglo German distressed debt investment team.

    Richard Markus and Warren Scott, co-heads of Hawkpoint's .......

    Job Swaps 14 July 2010

  • Credit head moves over to commodities

    Richard Giles, GFI Group's UK head of credit, has been appointed md and head of the firm's commodities and energy brokerage, North America. He will be based in GFI's New York office and takes over from Michael Cosgrove, who remains an md at but will be responsible for directing the firm's strategic initiatives in the North American commodities and energy .......

    Job Swaps 14 July 2010

  • CRE CDO management rights acquired

    CapitalSource has delegated the collateral management and special servicing rights in the CapitalSource Real Estate Loan Trust 2006-A to an affiliate of NorthStar Realty Finance Corp. CapitalSource has also sold NorthStar its equity interest, as well as the US$50m class J and US$60m class K notes issued by the CDO. The firm will retain ownership of the US$124m 2006-A trust .......

    Job Swaps 14 July 2010

  • New replacement recovery manager for PREPS CLOs

    Fitch says there is no rating impact on the PREPS series of CLOs from the appointment of CorpRec Advisory as the replacement recovery manager for the transactions. This is because the employees of CorpRec are the same team that handled the portfolio companies in the PREPS transactions at the previous recovery manager.

    The previous replacement recovery manager (Capital Management Partners) was paid .......

    Job Swaps 14 July 2010

  • Firm seeks Brazilian securitisation presence

    Chadbourne & Parke plans to increase its Latin American presence by opening a new office in Sao Paulo and hiring two finance attorneys. The firm is still waiting on regulatory approvals from the Brazilian Bar, however.

    Charles Johnson will join as a partner in the firm's Sao Paulo office. Johnson, who brings extensive experience on structured finance transactions in Brazil, .......

    Job Swaps 14 July 2010

  • Mezz finance house hires in securitisation

    Stacey Rector has joined Patriot Capital as an associate. Most recently, she worked for Banc of America Securities in its securitisation finance (ABCP) and RMBS groups.

    .......

    Job Swaps 14 July 2010

  • Syncora Master Agreement amended

    Syncora Guarantee Inc (SGI) has entered into a second waiver and amendment to the Master Transaction Agreement of 26 April 2009, which allowed for a partial prepayment from Syncora Capital Assurance Inc (SCAI) to SGI of US$75m of a US$150m surplus note due to be paid in December 2011. This prepayment will not change statutory surplus at SGI, but it .......

    Job Swaps 14 July 2010

  • German 'bad bank' established

    Hypo Real Estate Group has established a 'bad bank' called FMS Wertmanagement. Non-strategic assets of up to €210bn will be transferred to the entity in the second half of 2010, subject to approval by the EU and the Financial Market Stabilisation Agency (FMSA).

    No information was provided about the liabilities to be transferred or timing. Credit analysts at RBS point .......

    Job Swaps 14 July 2010

  • Euro OTC trade repository discussed

    OTC post-trade services and data provider Xtrakter is entering into consultation with members of its user community and other market representatives to discuss the development of a European managed trade repository for all asset classes.

    "Given our position as a major reporting mechanism [and] the significant changes that will emerge following the current European markets infrastructure regulation consultation, it is .......

    Job Swaps 14 July 2010
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