Job Swaps

Job swaps round-up - 11 August

Friday 11 August 2017 15:35 London/ 10.35 New York/ 23.35 Tokyo

North America

John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and report to CIFC co-ceos Oliver Wriedt and Steve Vaccaro.

Michael Tamasco has been named president of Steadfast Alcentra Global Credit Fund, an unlisted closed-end fund advised by Steadfast Investment Adviser and sub-advised by Alcentra NY that provides customised financing solutions to middle-market companies. Tamasco will also serve as president of Steadfast Investment Adviser and seek to further the firm's efforts to expand in the direct equity and debt markets. He previously served as md of Optima Fund Management and before that was co-head of Rothschild Asset Management US.

Willis Towers Watson has appointed Susan Lane as director, consulting and development for North America and senior captive consultant, part of the company's global captive practice. She joins Willis Towers Watson from Tokio Solution Management, where she was co-ceo.

Daniel Nolan has joined BTIG in New York as a director, leading its distressed debt trading desk. Nolan was previously an svp within distressed debt trading at Jefferies. He began his career as an analyst on Citi's structured credit desk.

EMEA

Rhodri Lane has been hired by Aon Securities as md, capital markets, heading up the ILS business for the EMEA region. He will start on 14 August and replaces Darren Bailey, based in the London office. Lane was previously vp, ILS origination at Guy Carpenter.

Acquisition

Pepper Group has entered into a scheme implementation deed with KKR Credit Advisors affiliate Red Hot Australia Bidco, under which it is proposed that Bidco will acquire all Pepper shares via a scheme of arrangement. If the scheme is implemented, Pepper shareholders will receive a cash payment of A$3.60 per share - which values Pepper's fully diluted equity at approximately A$675.9m - or an equity alternative of one share in Red Hot Australia Holdco (the owner of Bidco). Shareholders will be able to vote on the scheme in early November.

Mergers

Invitation Homes and Starwood Waypoint Homes are merging to create a combined company with 82,000 properties across 17 markets, creating the largest owner of single-family rental (SFR) homes in the US. The new entity - called Invitation Homes - is expected to realise US$45m-US$50m in operating savings in common regional markets, especially in western states and Florida, where the two firms have a large concentration of homes. Moody's suggests that the merger will be credit positive for both their SFR securitisations, as the combined company is likely to benefit from economies of scale and better access to financing, improving its ability to pay down the loans backing the securitisations.

Request for comment

The OCC last week requested public comment on whether certain aspects of the implementation of the Volcker Rule should be revised. This is because of an acknowledgement that the rule may not be achieving what it intends to, with CLOs an unintended casualty of the ban on banks owning private equity. The LSTA has welcomed the OCC's fresh look at Volcker, saying regulators have arguably been "overreaching" in their interpretation of 'ownership interests' of 'covered funds', with all the fallout that has had for CLOs (SCI passim). The LSTA says: "The OCC's notice, which specifically identifies these two definitions, could potentially open a path toward revising those interpretations, once again allowing CLO managers to include some bonds in their portfolios."

CLO name-change

Apex Credit Partners has renamed a trio of CLOs that it manages. The JFIN CLO 2015-II, JFIN CLO 2016 and JFIN CLO 2017 transactions will now be known as Apex Credit CLO 2015-II, Apex Credit CLO 2016 and Apex Credit CLO 2017 respectively.

NPL sale

Blackstone Real Estate Partners Europe V has acquired a majority 51% stake in a new company to which Banco Popular will transfer non-performing loan assets with an aggregate gross book value of approximately €30bn, as well as 100% of the share capital of its real estate management company Aliseda, following a competitive process where three firms with track records in managing real estate assets presented offers. Blackstone will also assume management responsibilities for the portfolio, while Banco Popular will own the remaining 49% stake. The valuation attributed to the Spanish assets of the business is approximately €10bn.

11/08/2017 15:35:31