Contents

ABS

UK auto ABS outlook diverges from European peers

Recent court ruling weighs on 2025 expectations for some auto finance providers

Regulatory uncertainty in UK car financing is suppressing the outlook for auto ABS in the country. A decision taken last year by the Court of Appeal of England and Wales will likely impact some auto finance providers – and the auto ABS pipeline – in the country in 2025, according to a report by Morningstar DBRS, in contrast to European peers.

In October 2024, the court ruled on the legality of three cases of hidden and semi-hidden commissions paid to car dealers arranging motor finance. In the decision, the court determined that it was unlawful for car dealers to receive commissions, unless they were disclosed and agreed with the consumer. 

This outcome could negatively impact auto finance companies, particularly smaller auto lenders, as concerns linger over UK non-captive originators who are targeting borrowers with weaker credit profiles. According to specialists at Morningstar DBRS, the effects of the decision will manifest over time in the UK. However, prolonged uncertainty could alter lending strategies in the country. 

“In our view, the financial impact of these court rulings could spread over time,” the report states. “Still, in the worst-case scenario, it could have a meaningful impact on UK auto finance companies, though we expect solvency risks to remain largely manageable. However, smaller auto lenders are more vulnerable to court rulings, as they often have less flexibility to absorb significant legal risks.” 

It continues: “We note that the UK subsidiaries of our sample of companies and auto finance subsidiaries of large UK banks would remain largely resilient to potential risks and be supported by their strong parents, if needed. Still, prolonged uncertainty regarding the court ruling could push the companies to adopt more cautious lending strategies in the UK.”

Richard Fletcher, a partner at Macfarlanes, emphasises that the implications for the lending market cannot be underestimated. “Both original lenders and purchasers of consumer debt will need to assess the extent of their liability in light of this judgment,” he says. Moreover, there is an expectation from the market regarding a follow-up judgment expected to be passed down in June, with the appeal due to be heard in April. 

Steadily rising issuance across the Channel

For this year’s forecast on auto ABS across Europe as a whole, most analysts expect a period of stability followed by a significant increase in volumes, continuing the trend observed in 2024. It is anticipated that issuance will plateau at around €27bn, even though lending activity in Europe remains high. Prepayments and refinancing will stabilise, and for collateral, there is an expectation of more receivables related to used vehicles, as green auto ABS issuance has yet to materialise. 

Overall, the European auto market has been stable for the past several years despite macroeconomic challenges. Although increased interest rates and the cost-of-living crisis have negatively affected borrowers in general, they have had minimal impact on auto finance, with the asset class continuing to perform well.

On the downside outlook for continental Europe, residual values of used cars may decline further in certain countries in 2025, given that demand remains relatively weak. KBRA expects delinquency and loss performance to deteriorate slightly due to macroeconomic challenges facing the continent.

For Robert Streda, senior vp of European corporate ratings at Morningstar DBRS, automotive OEMs appear resilient to any earnings softening that could occur in 2025: “We note that certain OEMs with high exposures to China and Europe could generate markedly weaker earnings or cash flow compared with that of recent years, which – amid ongoing high investments and product development costs associated with the progressive electrification of the industry – could result in negative credit rating implications for these companies."

Marina Torres

CLOs

Mid-market CLOs: Blurring the lines with BSL vehicles

Hybrid CLOs on horizon with convergence of MM and BSL CLOs

The CLO market is transforming with growing cross-pollination between middle-market (MM) CLOs and broadly syndicated loan (BSL) CLOs. Driven by investor confidence, tighter spreads, and increasing acceptance of private credit structures as viable alternatives to public markets, this convergence is raising questions about whether hybrid CLOs could be the next evolution of this product.

While terms like private credit CLOs and middle market CLOs are often used interchangeably, the key difference lies in the size of the companies being financed.  

“The key distinction the market tries to make between private credit and middle market CLOs is meant to reflect the size of the underlying companies being financed,” says Jerry DeVito, senior md at Blue Owl Capital.

Historically, middle-market CLOs focused on companies with EBITDA in the US$25-50m range. However, larger private credit firms such as Blue Owl, Blackstone, and Ares are primarily investing in larger companies with EBITDA between US$150-200m, thus competing directly with BSL lenders.

"As private credit firms raise more capital, they gain the ability to issue larger loans, becoming alternatives to public markets,” notes DeVito. 

Within the private credit CLO market, Barings differentiates between MM CLOs, financing companies with EBITDA between US$15-75m and private large-cap CLOs, with EBITDA above US$100m.

Rising investor confidence 

Investor acceptance of MM CLOs continues to grow, with issuance reaching a record-high of US$37.75bn in 2024, according to S&P’s latest report. 

Looking ahead, S&P anticipates another record year in 2025, with five direct lenders currently exploring their first MM CLO issuance and existing managers planning to match or exceed 2024 volumes. Additionally, positive M&A momentum could further boost securitisation activity. 

"Investors who historically bought BSL deals only are getting more comfortable with middle market deals, partly because there’s now more performance history to analyse. There’s a spread premium involved, and it’s a way to diversify portfolios," says DeVito. 

Indeed, S&P highlights the strong credit performance of MM CLOs, with declining triple-C exposures, low non-performing assets, and stress tests showing that even under severe default scenarios, no triple-A tranche would be downgraded below A-. 

Private credit CLOs, in particular, are attracting long-term buy-and-hold investors, due to their potential for higher spreads relative to BSL CLOs. 

Furthermore, growing confidence from rating agencies is increasingly helping to reassure investors, especially since BSL CLOs’ underlying assets are publicly rated, whereas middle-market CLOs are not.

Expanding jurisdictions

Despite the US dominance in middle-market lending, international interest is also rising.

"We’re seeing more international investors, especially from Japan, entering the middle market CLO space," says DeVito. 

Joe Evanchick, head of MM CLOs at Barings, says: “Asia-Pacific is a different market with fewer but larger deals, making it harder to build a diversified portfolio.”

The European market is also poised for expansion, a few months after Barings’ first European MM CLO in November last year.

"Demand for European MM CLOs is strong, though not as deep as in the US. Now that we've seen a private credit CLO close in Europe, others are likely to follow,” says Evanchick. “But if origination slows, that could hinder the market’s development.” 

Spread compression and blurred lines

With demand increasing, the average spread differential between triple-A-rated BSL CLOs and triple-A-rated MM CLOs has narrowed from 65-85 bps at the end of 2023 to closer to 25-30 bps in recent months, marking the tightest levels in its historical range. 

"Is that a good thing or a bad thing,” asks Jian Hu, md of structured finance at Moody’s. “That depends. The performance of newer private credit CLOs in the coming years will provide more clarity. For now, as rating analysts, we must remain vigilant and monitor these dynamics closely.”

“MM and BSL CLOs are learning from one another, adopting features that strengthen their respective structures. This cross-pollination contributes to the ‘blur,’ with each type borrowing beneficial traits from the other,” adds Mimi Eng, vp, senior credit officer, structured finance at Moody’s.

As the spread between middle-market and broadly syndicated loan CLOs tightens, the line between private and public markets becomes more blurry.

“If this trend continues, at some point, there won’t be much difference in liability spreads between the two,” adds Evanchick.

Are hybrid CLOs on the horizon?

As MM and BSL CLOs continue to converge, hybrid CLOs – featuring both BSL and private credit assets – could emerge.

"While hybrid CLOs haven’t materialised yet, the blurred lines exist in the underlying collateral—some large EBITDA companies that were once BSLs have been refinanced as private credit,” explains Evanchick.

“But to date, I haven’t seen a CLO that’s 70% private credit and 30% BSL, or the opposite,” he adds. “If you add even a small bucket of private credit into a BSL CLO, you’re going to have to pay for that." 

The future of this cross-pollination is uncertain.  

"The market is strong now, but whether this convergence is temporary or permanent remains to be seen,” says Evanchick. “It’s possible that CLOs could become more of a hybrid product down the line, but we’re not quite there yet.”

Overall, market projections for 2025 will largely depend on origination activity. 

"This market is all about origination,” explains Evanchick. “Even with a slowdown in private credit origination, the CLO market has remained strong. If origination picks up this year, we could surpass all projections on the CLO front."

Marta Canini

Asset-Backed Finance

MA reforms set to boost UK securitisation

PRA to deliberate on 'Matching Adjustment Investment Accelerator' in 1H25

The UK securitisation sector is poised to see a steady increase in activity, following the implementation of Matching Adjustment (MA) reforms introduced in late 2024. While the reforms offer more flexibility in asset-backed investments – shifting the requirement from a fixed to a highly predictable (HP) cashflow for part of insurers’ portfolios – the market can expect a gradual uptick, rather than a sudden surge, in new issuance volumes.

“While the reforms provide greater flexibility, the allowance for assets with highly predictable cashflows is capped at 10% of the Matching Adjustment benefit,” notes William Keen-Tomlinson, vp, insurance at Moody’s. “As a result, we would expect a gradual increase in the roll-on of new asset types such as securitisations, rather than a sudden spike, given the market's generally conservative approach and the expertise required for these deals.”

The bulk purchase annuity (BPA) market, where corporate sponsors transfer pension liabilities to insurers, continues to expand in the UK. The MA mechanism is set to play a crucial role in this space because it allows insurers to recognise spread earnings upfront, thereby reducing capital costs.

Interest is rising in asset classes, such as subscription lines, property-backed deals – including commercial ground rents (CGRs) – and infrastructure, that align with insurers’ liability profiles. “In terms of new asset types, we’ve begun hearing about BPA players exploring investments in fund finance, which is an area where we expect securitisation to grow,” says Keen-Tomlinson. “In general, securitisations with strong collateral, predictable cashflows and high credit quality could attract insurer interest.”

Equity release mortgages (ERMs) have traditionally been internally securitised by insurers to ensure MA-eligibility. “ERMs, in their raw form, are not eligible for the Matching Adjustment. However, through securitisation with a fixed cashflow tranche, they can qualify,” notes Keen-Tomlinson.

Aviva’s publicly rated ERM securitisation from December 2024, named Lifetime Mortgage Funding 1, highlights the ongoing appeal of these assets. “ERM securitisation is an established trend, with structured deals ensuring compliance with MA rules through predetermined amortisation schedules,” adds Barbara Rismondo, associate md, structured finance at Moody’s.

While many insurers retain ERM securitisations within their own portfolios, some are also exploring third-party investment options. “We’ve seen a number of equity release-backed deals involving refinancing of portfolio acquisitions. Interest in these transactions is growing, but we expect a gradual increase rather than a sudden surge,” adds Rismondo.

Insurer compliance challenges

Despite regulatory improvements, insurers still face compliance challenges – including stricter governance rules, such as executive attestations on MA applications. “If the PRA determines that MA rules have been breached, the adjustment could be revoked, which would push most annuity writers below their capitalisation appetite,” explains Keen-Tomlinson.

Furthermore, the PRA’s slow approval process for new asset classes remains a hurdle, often taking up to two years to complete. “Without this approval, investing in certain assets is often not economically viable,” adds Keen-Tomlinson.

To address this, in the first half of this year, the PRA is set to discuss a proposed ‘Matching Adjustment Investment Accelerator’ – a streamlined process allowing for retrospective approval, whereby firms could self-certify MA-eligibility for a limited portion of assets before a formal application. “If implemented, it could significantly speed up insurer interest and investment in new asset classes, though no timeline has been set," says Keen-Tomlinson.

Bank of England Governor Andrew Bailey referred to the MA Accelerator initiative in an annex of his letter dated 18 December 2024, which was later brought to the UK Prime Minister’s attention by the PRA in a subsequent letter on 15 January 2025.

Nevertheless, UK insurers remain constrained by Solvency 2 regulations, limiting partnerships with private credit sponsors – which is a trend that is gaining traction in the US. “In the US, asset-based lending is a significant driver of these deals. Given the treatment of securitisations under Solvency 2 capital rules, that trend is unlikely to take off in the UK anytime soon,” concludes Keen-Tomlinson.

Marta Canini

Asset-Backed Finance

SCI in Focus: ABF key motivator in private credit consolidation

Acquisitions driven by opportunities beyond traditional corporate lending

The alternative credit sector saw a continued drive towards market consolidation in 2024, with asset-backed finance (ABF) emerging as a key motivator for such activity. Last year saw a near-record US$260bn in acquired AUM, according to Gapstow’s annual review of acquisitions among alternative credit managers, with direct lending dominating the space.

Direct lending firms accounted for 70% of all transactions and 88% of the total acquired AUM last year. Major acquisitions included BlackRock’s acquisition of HPS, Brookfield’s 51% stake in Castlelake and Janus Henderson’s acquisition of Victory Park. Of particular note were deals for managers involved in the CRE and infrastructure financing spaces.

“A lot of firms want to be building capabilities within the alternative credit world, and they don’t feel they can do it organically,” says Gapstow ceo Chris Acito.

ABF gained significant traction last year, as institutional investors and private credit managers seek to diversify opportunities beyond traditional corporate lending. According to Gapstow, ABF-related acquisitions in 2024 were primarily focused on CRE lending, infrastructure lending and residential real estate finance. In 2025, these sectors of the market are expected to continue attracting investor interest as institutions seek out stable and income-generating assets.

“Private credit interest is now shifting more and more towards the ABF space, which is really just a natural progression as investors seek out diversification,” says Acito. “More money is coming into credit, and more institutions are expanding their allocations beyond sponsor-backed loans. The focus is shifting away from high-yield bonds and CLOs towards real assets and cashflow-driven lending strategies.”

Indeed, Acito expects the rising interest in ABF and private credit to continue into this year. “We’re seeing an acceleration of the capital moving into private credit strategies, particularly those backed by tangible assets,” he notes. “And, as firms look to diversify their portfolios and provide investors with stable income streams, ABF will remain a focal point in future acquisitions.”

CLO-related acquisitions decline

While ABF acquisitions were on the rise last year, 2024 also saw a stark decline in CLO-related acquisition activity. Despite strong investment performance seen in the market over the past two years, just one CLO-related acquisition was reported to have taken place. This is in sharp contrast to recent years, where CLO manager consolidation accounted for a significant portion of acquisitions in the alternative credit space.

“It’s really interesting,” says Acito. “CLO performance has been so strong and yet we’re no longer seeing a mass of acquisitions in that space.”

Acito does not attribute the decline in interest in CLO acquisition activity to the rise of interest and acquisition activity in the ABF space. Rather, he understands this change to be the result of two key factors, the first being the simple fact that much of what could have been acquired already has been.

“A lot of that management is done by much larger firms,” he says. “You wouldn’t acquire Apollo simply to get their CLO business, right?” Acito emphasises that most of the remaining smaller managers are not solely CLO-focused.

Alongside the dwindling stock of independent CLO managers available to be acquired, Acito points to the impact of the rising rate environment on the refinancing economics within the industry. “When rates are rising, you can’t keep refinancing a deal. You go back to investors and say ‘let’s extend’, but that’s just not economical.”

He suggests that this shift has created a mismatch between buyer and seller expectations. “I wonder if there was a little bit of bid-ask spread challenge between buyers and sellers, because rates began to rise,” he adds. The implication is that some deals may have stalled due to differing valuations.

Minority stake acquisitions resurging

The Gapstow report also highlights a resurgence in the acquisition of minority stakes, noting that a total of 12 minority stake purchases were recorded last year – accounting for around 18% of acquired AUM, a dramatic increase on figures recorded in 2023. Notable minority stake transactions seen last year included Hunter Point Capital’s investment in Pretium and Dai-ichi Life Holdings’ 20% stake in Canyon Partners.

“A lot of the people who have sold minority stakes are actually going to consider selling their whole firm,” Acito suggests. “There’s been a real shift in strategic priorities.”

A new trend emerging in alternative credit found in the report is the concept of mergers of equals, where two firms of similar size combine forces rather than pursue smaller acquisitions to build out a buyer's singular product offering. This approach allows firms to rapidly scale, enhance their product offerings and strengthen their market position.

Larger firms are also considering strategic partnerships and joint ventures as a way to accelerate their growth. “Firms that were previously focused on niche areas are now looking to diversify their revenue streams and access new sources of capital,” Acito says. This shift is driven by the increasing demand for comprehensive credit solutions from investors who want to consolidate their relationships with fewer managers.

Acito suggests that these mergers and partnerships will become more common as firms seek scale and differentiation in a competitive market. “The firms that are willing to think creatively about expansion will be the ones that dominate the next phase of alternative credit,” he explains.

“When I talk about a merger of equals, I’m not talking about a manager with US$30bn in AUM acquiring an asset-based lender with US$2bn and hoping to grow it,” says Acito. “While that’s fine and it’s interesting – it’s not fully transformative. Why wouldn’t a US$30bn public credit-oriented manager merge with a US$30bn private lending-oriented manager? That would be truly transformative in terms of their business.”

Expanding into new client segments

Another advantage of these mergers is the ability to expand into new investment strategies and client segments. “Alternative credit firms are realising that growth isn’t just about AUM - it’s about having a broader product set and a more comprehensive client offering,” Acito notes. This broader range of capabilities allows firms to serve a wider range of investors, including institutional clients and high net-worth individuals.

Looking ahead, the momentum behind alternative credit acquisitions is expected to continue in 2025 as the market works to meet investor demand. These days, much of this demand is geared towards one sector: private credit. Investors are increasingly looking beyond more traditional lending models towards the likes of ABF, speciality finance and infrastructure lending.

Acito expects these motivations to keep acquisitions as a key strategy in 2025 for firms to diversify and reach new markets. “The goal for many now is to provide a full suite of credit solutions, rather than just one specialised product,” he says. “Firms are looking to scale up and position themselves as key players in the next phase of credit evolution.”

Numerous firms that previously sold minority stakes are now reconsidering their strategic direction and are on the lookout for full buyouts or mergers. “Many of the firms that once saw minority stakes as a solution to capital challenges are now realising that full-scale acquisitions can help them achieve their next set of strategic goals. Expect to see more mergers of equals as firms try to build scale and broaden their investment offerings,” Acito concludes.

Claudia Lewis

Asset-Backed Finance

British Business Bank backs EV financing

New support for £100m+ EV lending facility amid market uncertainty

The British Business Bank has committed to support a structured lending facility from Paragon Bank geared at incentivising the adoption of EVs in the UK’s used auto market. The announcement comes amid ongoing regulatory uncertainty in the UK car financing market, which could impact auto finance providers and, in turn, the flow of auto ABS deals.

Through Enable Guarantee, a programme designed to help asset and asset-based finance providers unlock finance options for small businesses, the British Business Bank will enable Paragon Bank to continue supporting LE Capital. It will support a portfolio of more than £100m of financing in the auto sector, primarily aimed at helping used car dealerships fund their stock. 

Stock funding is often crucial for independent dealerships in the UK, enabling them to increase revenues and expand operations. The facility aims to help dealers offer more competitive pricing, and hopes to double the number of dealerships LE Capital serves in the UK.

The deal marks the British Business Bank’s first ever partnership with Paragon, boosting Paragon’s funding capacity for smaller business lenders – making this its largest structured lending facility to date. 

“This has been a transaction of firsts on multiple fronts,” said Michael Stevens, head of structured FI solutions at the British Business Bank, in a statement. “This is the first time we have used pricing to promote electric and hybrid vehicles, the first time we have used the guarantee for specialty finance, and the first time we have worked with LE Capital.”

The deal also represents “a new phase of growth” for LE Capital’s mission, according to its ceo, George Stancliffe. To date, the firm has already supported customers in more than 100,000 transactions and over £750m in stock.

“These larger funding lines will provide a consistent and stable foundation to accelerate their smaller business lending clients’ growth,” added Stevens.

However, despite this renewed commitment, concerns persist over the declining residual values of both battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) in the UK markets. Indeed, S&P adjusted its analytical approach to EVs in auto ABS portfolios to account for this last year, citing increased credit risk. While most agree that EVs are here to stay, future regulatory decisions may well determine a different future for the UK market.

Claudia Lewis

Capital Relief Trades

Wells Fargo debut

After false alarms Wells brings inaugural reg cap trade

Wells Fargo, it has emerged, closed its debut reg cap trade in December, in a deal referencing an US$8bn portfolio of funds finance facilities, according to well-placed market sources. The deal has been dubbed Project Panama.

The bank sold a first loss of 0%-12.5%, totalling US$1bn, to several investors, the identity of whom has not been disclosed.

It was arranged by Wells Fargo Securities, the capital markets arm of Wells Fargo. It is the fourth largest bank in the USA, behind JP Morgan, Citi and Bank of America with, according to Q4 2024 data, some US$1.9trn in assets.

The transaction was structured with an SPV which then issued a CLN. This structure, say sources, is the most difficult and costly to assemble, but the issuer decided this was the preferred format indicated by the Federal Reserve in its September 2023 guidance.

It went down this route as it wished its first issue to encounter no regulatory challenges, and, owing to the structure, did not require specific Fed approval.

It took around three to four months to put the deal together, say sources, and the issuer is expected to come back to the market in perhaps Q2 and Q3 with another couple of trades. It is exploring offering different asset classes in the next transaction.

Wells Fargo was rumoured to have been in the market for much of last year, yet, in fact the first steps were not put in place until late summer.

The transaction was concluded to diminish RWAs, say sources, and the initiative for the programme emanated from senior management.

Simon Boughey

Structured Finance

Job swaps weekly: Haynes Boone poaches asset securitisation team

Securitisation people moves and key promotions

This week’s round-up of securitisation job swaps sees Haynes Boone strengthen its fund finance and asset securitisation practices with the hiring of seven attorneys from Seward & Kissel in New York. Elsewhere, several other law firms have added partners in Australia and Japan, while ARC Ratings has recruited a new Hong Kong-based ceo to spearhead its expansion in the Asia Pacific region.

The seven attorneys poached by Haynes Boone from Seward & Kissel include partner and head of its asset securitisation and CLO practice Greg Cioffi, as well as partner Jeff Berman, who had practiced there for over 20 years. Together, Cioffi and Berman bring over 50 years of securitisation and structured finance experience to Haynes Boone.

In addition to Cioffi and Berman, the firm has recruited partner Andrew Robertson, counsel David Sagalyn and associates Brendon Vetter, Grace Nealon and Mariah McGuirk from Seward & Kissel’s asset securitisation team. They bring extensive experience in a broad array of both traditional and esoteric securitisation transactions, including CLOs, CFOs, rated note feeders, ABCP programmes, whole business securitisations, telecom and receivables securitisations, consumer and student loan facilities, and SRT transactions.

The firm says that these additions will expand beyond its history of representing hedge providers in a variety of oil and gas securitisation structures, including take-out financings, mineral interest securitisations and non-operated interest securitisations.

Meanwhile, Joyce Chi has been named ceo of ARC Ratings Asia Pacific, representing a significant step in ARC Rating’s global expansion strategy. In her new role, Chi will spearhead the agency’s expansion across key markets, including Greater China, Japan, South Korea, Australia, Singapore and other ASEAN countries. She will be responsible for establishing and growing ARC Ratings’ presence throughout the region, developing comprehensive rating services that cater to the diverse needs of Asian issuers and investors.

Chi brings over two decades of leadership experience in credit ratings, investment banking and capital markets across Asia. Most recently, she served as md and head of business development at Lianhe Ratings Global, where she played a pivotal role in the company’s development from its inception in Hong Kong from 2017. Prior to that, Chi worked at Fitch, Deutsche Bank, Credit Suisse and Barclays. 

In Japan, Morgan Lewis has hired two new partners - both from Withers – in its Tokyo real estate finance team. Gerald Fujii and Naoki Ueyama leave their positions as partner at Withers, having both spent six years with the firm. Fujii focuses on domestic and cross-border real estate transactions and corporate and international finance. Prior to Withers, he spent 20 years at White & Case, leaving his role as partner in 2018.

Ueyama specialises in real estate, real estate finance, structured finance and acquisition finance transactions. He joined Withers from Masuda & Partners in 2018, where he was a partner for two years, having previously worked at Paul Hastings and Skadden Arps Slate Meagher & Flom. 

In Australia, Gilbert + Tobin has appointed Stanley Mok as a partner in its banking and infrastructure group, based in Sydney. Mok specialises in securitisation, structured finance and derivatives. He was previously a partner at Dentons, which he joined from Ashurst in July 2018.

Louise McCoach has joined Dentons as a partner in the firm’s Sydney-based financial institutions group. She has over 25 years of experience in securitisation, debt capital markets, structured finance, derivatives and sustainable finance, acting for both national and international clients. McCoach was previously special counsel at Gilbert + Tobin, which she joined from Clayton Utz in November 2015.

Elsewhere, McGuireWoods has recruited Phillip Coover as a partner in its global real estate practice. He is tasked with leading the firm’s real estate initiatives in Chicago and the Midwest, as well as enhancing its capabilities nationwide.

Coover handles sophisticated real estate transactions and financings and provides strategic guidance for developers, investors and syndicators, including representing borrowers on CMBS loans. He comes to McGuireWoods from Ice Miller, where he was a partner in its real estate practice.

Ares Management has appointed Kipp deVeer and Blair Jacobson as co-presidents, effective immediately. Previously, deVeer was head of credit, while Jacobson served as partner, co-head of European credit at Ares' Credit Group. Both deVeer and Jacobson, based in New York and London respectively, will report to ceo Michael Arougheti during their transition. Meanwhile, Ares Capital Corporation (ARCC) has named Kort Schnabel as its incoming ceo, effective 30 April, succeeding deVeer, who will remain on the board of directors and investment committee. 

Morningstar DBRS has promoted svp Dylan Cissou to associate md - global quant, based in Madrid. Among his responsibilities at the firm, which he joined in June 2017, is building predictive credit models across various securitisation asset classes. Cissou has over 10 years’ experience in the structured finance industry, having previously worked at Deutsche Bank, S&P, Bloomberg and Credit Agricole.

Finally, Pemberton is strengthening its Nordic business with the appointment of Merete Holmberg as its new business development director. Based in the firm’s office in Copenhagen, Holmberg brings extensive experience in business development and country management across the Nordics, having previously held roles at Nuveen and BlackRock.

Claudia Lewis, Corinne Smith, Kenny Wastell, Marta Canini