Job Swaps

Job swaps round-up - 8 September

Friday 8 September 2017 16:03 London/ 11.03 New York/ 00.03 (+ 1 day) Tokyo

EMEA

Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

Beechbrook Capital has hired Jon Petty to the role of associate director and will be based in the firm's Manchester office. He was previously at Deloitte for five years in the debt advisory practice and before that was at RBS for four years in the structured finance team. He will support investment director Matt Kenny.

Anand Damodaran has been named a partner in Kirkland & Ellis International's investment funds group in London, focusing on advising clients on the formation of credit, private equity and real estate funds. He joins the firm from Ropes & Gray, where he was a partner.

CSC has launched a European capital markets service in the UK, Ireland and Luxembourg. It will be led by J-P Nowacki, director of capital markets Europe.

JLT Re has hired Carsten Thienel to its Asia Pacific division, reporting to Stuart Beatty, ceo of Asia Pacific, JLT Re and Bradley Maltese deputy ceo, UK & Europe, JLT Re. He was previously ceo reinsurance at Ed, Asia Pacific. He is set to start at JLT Re January 2018 in the Singapore office.

North America

Upgrade has appointed John Dye as general counsel and Louis Shansky as deputy general counsel. Prior to joining the platform, Dye was evp, general counsel and secretary of The Western Union Company, as well as chairman of the Western Union Foundation. Shansky was previously a partner in Mayer Brown's securitisation team.

Conning has recruited Paul Norris as md, head of structured products. Norris will lead a team of traders and analysts and be responsible for overseeing all research, investment and trading in structured securities for Conning in the US. He joins from Mariner Investment Group, where he was a portfolio manager for a mortgage hedge fund and focused on mortgage derivatives. Prior to that, he was head of securitised products at Dwight Asset Management and held various senior roles at Fannie Mae.

Structured Portfolio Management has hired Peter Mobberley as md in the New York office. He was previously md at Axonic Capital.

David Moffit has joined LibreMax Capital in New York as md. He was previously head of asset management at JC Flowers and also co-founded Mead Park Management. Earlier in his career he was global head of Morgan Stanley's securitisation business and head of structured products at Merrill Lynch.

The board of trustees of RAIT Financial Trust has formed an independent special committee to explore and evaluate strategic and financial alternatives to enhance shareholder value. These alternatives may include: refinements of RAIT's operations or strategy; financial transactions, such as a recapitalisation or other change to RAIT's capital structure; and strategic transactions, such as a sale of all or part of RAIT. There is no definitive timetable for completion of this evaluation, but Barclays and UBS have been retained as financial advisors, while Winston & Strawn is legal advisor.

Ares Commercial Real Estate Corporation has hired Sumit Sasidharan as md and head of real estate debt capital markets at its external manager, a subsidiary of Ares Management. Based in New York, Sasidharan assumes the responsibilities of Precilla Torres, who will remain at Ares and take on a new role managing funds that invest in a variety of real estate securities, including CMBS. He previously served as md of the Annaly commercial real estate group and before that was at CWCapital Investments and Fitch.

Acquisitions

Aegon is set to become a 25% shareholder of Dynamic Credit as part of a strategic partnership between the two firms. The investment will be used to accelerate Dynamic's expansion into new lending products, such as buy-to-let and SME loans. Its LoanClear platform will also be further upgraded and extended into an investment hub for marketplace lending loans.

Newmark Knight Frank is continuing the construction of its valuation and advisory practice, with an agreement to acquire the assets of six Integra Realty Resources offices, including New York/New Jersey, Philadelphia, Wilmington, Baltimore, Washington DC, and Atlanta. The acquisitions were led by NKF ceo, Barry Gosin and valuation and advisory president, John Busi.

Product launches

MountainView has launched a risk retention valuation service for securitisation transaction sponsors. The firms says this is in response to increased demand from issuers who prefer to meet the minimum 5% credit risk retention requirement using an eligible horizontal interest (EHRI) but are concerned about the complexity of the fair value determination and valuation disclosure required with holding an EHRI.

Litigation

The Carlyle Group has prevailed in the litigation before the Royal Court of Guernsey involving the 2008 insolvency of Carlyle Capital Corporation (CCC), which invested primarily in triple-A rated RMBS. The Guernsey trial court ruled that Carlyle and the directors of CCC acted reasonably and appropriately in the management and governance of the entity. The suit was brought by CCC's liquidators and it remains unclear whether they will appeal the court's decision.

08/09/2017 16:03:10