Contents

Capital Relief Trades

SCI webinar: Nordics seize opportunities

SCI webinar highlights SRT openings in Nordic region

Nordic banks are showing increased interest in the SRT market, and growing issuance will likely follow regulatory alignment, according to speakers at this month’s SCI’s Seizing Nordic Opportunities webinar.

They emphasised shifts in local attitudes following Norway’s recent decision to adopt the EU Securitisation Regulation (SecReg) standards.

Policymakers are finally recognising the broad range of topics around SRT that needed addressing, rather than focusing on isolated fixes, says Jesper Skoglund at the European Investment Fund (EIF).

“I am very positive, because policymakers are starting to understand that it is not one thing that should be fixed, it is small fixes required in different areas,” he notes. Skoglund also welcomed proposals to shorten the SRT notification period, calling it an important step to reduce uncertainty for banks and investors.

Jonas Bäcklund, CEO at Revel Partners, echoed Skoglund’s optimism for the region, adding regulators here have generally been more cautious. “If we bring this closer to home, the regulatory interpretation has historically been more conservative and that is changing, which is super exciting,” he shares.

He adds that he is seeing more trades from bigger and more established players, such as DNB's recent issuance, which could act as "trigger deals” that encourage further activity from other banks in the region.

Speakers also expressed cautious optimism that a more harmonised supervisory framework will help cultivate greater consistency amongst Nordic SRTs, making transactions smoother and faster.

DNB’s Idar Fagereng notes that Norway’s alignment with EU standards could mark a key breakthrough for synthetic issuance locally.

Looking ahead, panellists pointed out that while there is strong potential for growth, there remains some fragmentation between different countries. Denmark was highlighted as a leader in SRT activity among investors, while Sweden and Norway are still catching up.

Bäcklund also explains that unfunded SRT deals could be a game changer, particularly if they qualify for STS treatment, as this will open the door for insurance capital. He also expects more new issuers to emerge in the Nordics over the next quarters as securitisation becomes more accessible and independently recognised amongst major market participants.

• Nadezhda Bratanova

Risk Management

Are mid-tier bank loans as good as they appear?

Fed filings indicate only a small drop in loan performance

According to recent Fed filings, the “pass percentage” of loans and commercial loans held at 79 mid-tier banks declined by only a little over 1% from 3Q 2019 to 3Q 2024  - a performance which could strike some in the market as suspiciously robust.

This five-year period began just before the pandemic, and the subsequent months saw lockdown, stimulus payments, soaring inflation and multiple Fed rate hikes, yet the loan percentage deemed performing declined by only 1.2% from 97.3% to 96.1% while commercial loans suffered a 1.6% drop from 96.9% to 95.3%.

Heliostat Capital, a New York-based boutique advisory, examined 10Q and 10K filings made by 79 banks with between US$10bn and US$100bn in capital and based within the 48 contiguous states. The aggregate loan book increased dramatically during this period, from US$1.04trn in 3Q 2019 to US$1.64trn in 3Q 2024 while commercial loans grew from US$0.81trn to US$1.25trn.

“Loans increased significantly during this five-year period. To me and others this performance seems overly optimistic,” comments Charles Callahan, ceo and founder of Heliostat.

Moreover, loans held by these banks continue to face considerable uncertainty, in the form of tariffs, stock market volatility allied to Treasury market weakness, a softer dollar and possibly impending recession.

“We expect to see a more active approach to the management of these exposures,” notes the Heliostat report.

The document adds that economic stress is not uniformly distributed among states: eight states hold more than 50% of loans held by the 79 banks. Those states are, in order of indebtedness, Texas, California, Florida, Tennessee, Mississippi, Pennsylvania, New Jersey and Georgia.

Some of these are, of course, very large and populous states. California had a GDP of over US$4trn in 2024 (US$100,000 per capita), while the Texas GDP was almost US$3trn. But Mississippi is the poorest state in the union, with a per capita GDP of US$47,000. In comparison, the UK has a per capita GDP of about US$50,000.

Finally, it is striking to note how much total income enjoyed by these banks is comprised by interest income. Interest income as a percentage of total income was 70.2% at the end of 3Q 2024, but this figure was skewed by the 10K (annual) filing by a Florida boutique investment bank, which had unusually significant trading revenue in 2024.

The average percentage of interest income against total income was over 85.5%, corroborating the view that banks in the US$10bn-US$100bn category are chiefly so-called upon clippers” and rely heavily on interest-bearing product. Meanwhile, the top six US banks notched up almost US$37bn in  trading revenue in Q1 2025.

Simon Boughey

Asset-Backed Finance

Esoteric ABS at crossroads: tariffs, technology, and tailwinds

Digital infra defies macro downturn while consumer-linked sectors and music royalty ABS face recalibration

The esoteric ABS market is entering a pivotal phase as macro shocks and shifting trade dynamics recalibrate investor risk appetites. Participants in a recent SCI webinar on the future of esoteric ABS highlight that while trade tensions, inflation, and shifting capital flows have slowed deal activity, long-term demand for digital infrastructure – in particular, fibre networks, GPUs, and IP addresses – remains a powerful tailwind. 

“It’s a wait-and-see moment,” says Kelly Mellecker, partner at Kirkland & Ellis. “Clients are scrutinising supply chains, renegotiating contracts, and prepping for a quick rebound once the dust settles.”

Since early April, tariff tensions have triggered several pullbacks from major tech tenants – including Microsoft and Amazon Web Services – forcing data centre issuers and underwriters to reassess their exposure.

Although deal flow has moderated, with underwriters trimming notional sizes and some transactions being deferred or resized, investor appetite hasn’t completely vanished – it has shifted.

“We’re active in the secondary market,” says Michael Nowakowski, md and head of structured products at Conning. “But we’re moving cautiously – this isn’t a load-the-boat moment.”

Consumer-linked and music royalty ABS hit pause

Consumer-linked esoteric ABS sectors, such as containers, timeshares, and aircraft leases, are feeling the heat as discretionary spending weakens and cost pressures mount.

“Discretionary spending and CapEx are vulnerable,” warns Nowakowski. “Container ABS was resilient at first – high utilisation, strong spreads – but second-order effects are kicking in. Timeshares, retail, unsecured loans – they all get squeezed when tariffs bite.”

Even triple-net lease deals, CMBS tied to hotel and retail, and CLOs exposed to tariffed goods are flashing caution.

“It’s somewhat ironic,” adds Nowakowski. “Companies reshoring US factories are now pausing construction and activity as tariffs make imported machinery unaffordable. That’s CapEx paralysis right there.”

Furthermore, music royalty ABS has slowed amid wider spreads and benchmark volatility. Investors remain interested, but are waiting.

“Everyone hoped 2025 would be the comeback year,” says Mellecker. “But as benchmarks and spreads widen, that calculus shifts.”

Moreover, single-artist deals remain a tough sell. “We want broad catalogues and conservative projections,” explains Nowakowski. “Underwriting is what attracts us.”

Another challenge across the board is lack of historical data, as many esoteric assets rely on proxies or modelled performance – an issue for rating agencies and insurance investors seeking durability. “Without tested data, deals are harder to get done,” notes Anna Roginkin, senior director at KBRA.

Digital infra defies macro downturn

Yet, despite broader market volatility, capital continues to flow into digital infrastructure. In particular, the surging demand for data centre securitisations has fuelled growth in both ABS and CMBS markets over the past few years.

“Both markets have matured rapidly,” says Mellecker. “Issuers now have real choice – and we’re seeing crossover investors becoming comfortable with both.”

“ABS gives you diversity and growth,” adds Nowakowski. “CMBS works for bulletproof, standalone assets. It depends on the deal.”

From a ratings perspective, ABS has execution advantages. “Once a master trust is up, adding new series is faster, which helps issuers scale,” notes Roginkin. 

Fibre is also proving resilient. “It’s a passive, future-proof network,” Roginkin says. “Even in a tariff environment, fibre demand holds – in our view, it’s one of the last things people cut from their budget.”

Yet, fibre growth relies heavily on bank-backed CapEx. “The engine needs to keep running,” Mellecker highlights. “Regional and foreign banks fund the buildout. Without that conveyor belt, you can’t scale.”

Meanwhile, new asset types are entering the space. GPU-backed financings are emerging to support rising demand for AI computing, while IP addresses are also increasingly being securitised, capitalising on scarcity and mission-critical status. A recent example is Cogent IPv4 LLC's Series 2025-1, a transaction rated by KBRA. 

“IPv4 isn’t future tech, but it’s incredibly resilient. Finite supply, essential functionality – it’s a durable digital infrastructure play,” Roginkin points out.

Marta Canini

ABS

Funding Circle deepens ABS market presence

London-based originator returns to the securitisation market with SBOLT 2025-1, reinforcing its commitment to UK SMEs

Funding Circle has returned to the securitisation market with SBOLT 2025-1, continuing its strategy of connecting institutional investors with the UK's smallest businesses. The transaction highlights the lender’s commitment to helping fund the real economy through a consistent and transparent funding model.

The move follows Funding Circle’s recently renewed forward flow arrangement, which will take the total funding provided by Bayview Asset Management to more than £1bn, and is supported by JP Morgan and Citibank. The two new separate facilities – are a continuation of Funding Circle’s long-standing strategy to diversify funding sources and to scale efficiently while remaining balance sheet-light.

At the heart of the SBOLT 2025-1 deal is a familiar structure: small business loans originated via the Funding Circle platform that are securitised with Waterfall Asset Management once again acting as sponsor and risk retention holder.

"The SBOLT transactions have remained largely consistent from transaction to transaction, and that’s intentional," says Dipesh Mehta, chief capital officer at Funding Circle. “We want to provide investors familiarity and relative predictability." The company has maintained a stable portfolio profile with unsecured, fixed-rate term loans to small businesses, backed by personal guarantees, with an average loan size of c.£85k.

The lender's cautious approach is paying off. SBOLT deals have consistently delivered strong performance, with all bonds upgraded over their lifetime, except for one impacted during the height of the COVID-19 pandemic. Investors are reassured by rapid amortisation profiles: senior bonds in the transactions have weighted average lives of around 1.5 years, with the full transaction cleaning up around 2.5 years.

SBOLT 2025-1 also fits within Funding Circle’s broader strategic funding ecosystem. Although securitisation accounts for only about 10-15% of total originations, Mehta indicates a growing appetite for ABS issuance over time. "We see real value in the public ABS markets, especially when it comes to scaling access to SME finance," he says.

Currently, Funding Circle’s focus is firmly on the UK. Having exited US and continental European operations, the platform has sharpened its offering to serve UK small businesses exclusively, with a range of products, including term loans, a business cashback credit card, and flexi-pay solutions.

While ESG-labelled issuance has been considered, Mehta emphasises that Funding Circle prefers a "substance-over-labels" approach, pointing to the company’s core mission of supporting small businesses as inherently socially beneficial.

In the current macroeconomic environment, institutional investors continue to perform due diligence rigorously, but appetite for SME exposure remains resilient. According to Mehta, Funding Circle's transparency, strong servicing performance, and stable credit underwriting have helped sustain and even grow investor interest despite market uncertainty.

Selvaggia Cataldi

CLOs

European structured finance sees strongest Q1 since GFC, driven by record CLOs

Momentum from late 2024 carries into Q1, led by CLOs and SME deals amid steady investor demand

European securitisation markets began 2025 with robust momentum, according to Morningstar DBRS’s latest quarterly outlook, underpinned by record-breaking issuance volumes and significant growth in the CLO segment. Total securitisation issuance for Q1 2025 reached €67.5bn, a 5.0% increase from the €64.3bn recorded in Q4 2024. Notably, investor-placed issuance surged to €38.3bn—marking the highest Q1 volume since the global financial crisis.

The uptick was primarily driven by the broadly syndicated loan (BSL) CLO market, which recorded €17.5bn in distributed issuance in Q1, up 67.9% from the same quarter in 2024 and 30.2% higher than in Q4 2024. This marks the highest quarterly issuance for European BSL CLOs since the GFC and reflects continued investor demand for higher-yielding, floating-rate credit exposures.

Overall, structured credit issuance, which includes BSL and SME CLOs as well as ABS leasing deals, stood at €27.8bn—an 82.0% increase compared to Q4 2024. A key driver of this growth was a SME CLO transaction totalling €10.0bn, alongside strong performance in cross-border deals, with 39 BSL CLOs issued across European jurisdictions in the quarter.

While the UK led in RMBS issuance, Belgium emerged as a surprise second-place contributor by volume, due to two retained deals in SME CLO and RMBS sectors amounting to €14.5bn.

Despite the strong issuance backdrop, the broader outlook remains cautiously optimistic. Morningstar DBRS notes the credit environment is generally stable, supported by amortisation and deleveraging mechanics inherent to structured products—particularly in senior tranches.

However, rising geopolitical uncertainty, notably from escalating global trade tensions and potential retaliatory tariffs, introduces downside risk. Export-heavy sectors across Europe could face headwinds, and weaker trade flows may translate into slower economic growth and softer sentiment.

Looking ahead, Morningstar DBRS forecasts total European securitisation issuance for full-year 2025 to be between €205bn and €210bn, with distributed issuance expected to remain stable at around €145bn, or roughly 65–70% of the total. The firm also expects the trend of declining retained volumes to continue, reflecting a sustained shift toward greater public market engagement.

In the near term, Morningstar says CLO market participants will be watching closely to see whether Q1’s record-setting pace is sustainable, especially as macroeconomic conditions remain fluid and the rate environment begins to shift.

Ramla Soni

Capital Relief Trades

Third Coast is on the CRT map

US$5bn Texas lender explains the deal with EJF

In the third of our reports on the groundbreaking securitization between asset manager EJF and Third Coast Bank, US editor Simon Boughey talks to the issuer.

Third Coast Bank had been kicking around the idea of a transaction that would both reduce concentration and capital requirements for about six months before alternative asset manager EJF came up with the solution, according to John McWhorter, chief financial officer at the Texas-based lender.

“We contacted several investment banking firms with the idea that this somehow could be done. They gave up, thinking it would be too difficult and we wouldn’t find a buyer, but we stuck to it. But we didn’t know how to do it and EJF certainly helped with that,” he says.

EJF was well known to Third Coast as it is both a common and preferred stockholder. The size of its shareholding was not disclosed.

The developer which contracted the US$200m loan is also an existing customer of the bank, and it came to Third Coast with the loan request after conversations with EJF about a synthetic securitization of exposures were already under way.

“When we first started working with EJF on doing a securitization it was not for this loan but for a portfolio of loans, and then this loan request came up so we decided to change gears from looking at the existing portfolio to using this loan,” McWhorter explains.

It would have been conceivable, he adds, to have met the loanee’s needs by syndicating the deal but the structure determined by EJF allowed it to take down the whole piece while improving capital ratios and limiting concentration risk at the same time.

Third Coast retained US$100m of the principal as a straightforward loan while the remaining US$100m was sold into an SPV as a true sale, thus avoiding running up against concentration limits.

EJF took exposure to the bottom section of the loan, with a detachment point believed to be over 20%, It earned a yield considerably in excess of what has been common in the US CRT market for the past year or more, though the exact figure has not been divulged.

Third Coast’s construction loan book is around US$1bn, and it frequently bumps up against concentration limits. Although regulatory approval was not strictly required before the deal was signed, Third Coast, “as a matter of good governance” approached the Dallas Federal Reserve during the process to acquaint the regulator with its plans.

Although it is a small bank, with assets of just US$5bn at the end of 2024, the senior management team at Third Coast was aware of the principle of a capital relief trade. “We knew there was something going on but we weren’t experts,” he adds.

It does not rule out the possibility of doing another such transaction in the future. “We could do another. Now we know how it would be a whole lot easier,” says McWhorter.

Simon Boughey

Asset-Backed Finance

Private credit set for stricter scrutiny as market grows, survey finds

Industry leaders expect regulatory oversight to intensify across Europe within 12-18 months

Private credit markets are bracing for increased regulatory oversight, with nearly 80% of industry executives expecting tighter rules over the next 12 to 18 months, according to new research from Nordic Trustee, part of capital markets service provider Ocorian.

The survey, which polled private credit executives across Europe, including the UK, Germany, Switzerland and the Nordics, found that just one in three (33%) believe fund managers in their jurisdiction are “very well-equipped” to meet regulatory requirements. About 65% say managers are only “quite well-equipped,” while 2% worry they are “not very well-equipped.”

“Regulation of private credit will help drive standards and grow investor confidence,” says Cato Holmsen, ceo of Nordic Trustee. “Regulation, however, has to strike a balance so that growth in the market in response to strong demand is not damaged while investors are protected.”

The survey suggests regulatory frameworks are already lagging. Just 37% of respondents consider existing rules as fit for purpose, while the majority (56%) believe they need reform or deregulation. Around 7% say there’s not enough oversight in their jurisdiction.

Abi Reilly, a partner at Bovill Newgate, which is also part of Ocorian, points to Europe’s AIFMD 2.0 directive and the UK Financial Conduct Authority’s ongoing consultations as evidence of growing regulatory scrutiny.

“Whether in Europe or the UK, regulators are tightening their gaze on alternative investment sectors like private credit,” says Reilly. “What’s certain is that the private credit space is entering a more scrutinised phase, and readiness will become a defining feature for successful managers.”

Marta Canini

CLOs

CLO market treads cautiously amid tariff uncertainty and structural shifts

Caution in healthcare, pharma and auto sectors

As global trade policy continues to evolve and tariffs dominate the economic discourse, Alter Domus, believes the impact on the CLO market remains limited for now—but could deepen over time.

“While tariffs are grabbing headlines due to their dramatic nature, they remain a small part of the overall financial picture,” Tim Ruxton, capital markets md at the firm tells SCI. “What we’re seeing in the CLO market is more tied to industry exposure and the construction of CLO portfolios themselves. The true effects are yet to be seen.”

Ruxton notes that the broader strategy behind tariff policy appears to be driving multilateral discussions on reducing tariffs globally. “That seems to be working—albeit slowly—with some countries engaging in those conversations. The real test will be when major players like the EU, China and South American markets come fully to the table.”

One sector that has drawn increased scrutiny is pharmaceuticals, historically a major industry in UK CLO portfolios, Ruxton points out. “Healthcare and pharma were very attractive to investors because of their potential for universal cost reduction. But now, we’re seeing uncertainty,” said Ruxton. “Some critical raw materials and equipment are sourced from heavily tariffed regions, like China, which creates hesitation.”

The result, he says, is a noticeable “pause” in activity. “Managers and investors are taking a step back to reassess loan pricing and exposure. It’s only been a few weeks—so the long-term effects may not be visible for years.”

Ruxton adds that in volatile sectors like automotive, managers are especially wary of being first movers. “If there's an overreaction and pricing spikes, a CLO could get locked in at unattractive levels. That creates downstream problems with coverage tests and might force a sale at a loss later.”

Beyond tariffs, Ruxton points to shifting expectations around interest rates. “Markets are forecasting as many as four or five cuts this year. Personally, I think five is ambitious—we’re running out of calendar to do that.”

He notes that the flurry of refinancings and resets tied to 2021 vintages has begun to taper off, with a broader issuance slowdown emerging since mid-March. “We saw momentum in January and February, but now managers are shelving deals and waiting. Internal compliance and risk teams are likely urging caution.”

Driving efficiency in a people-driven market

Despite market uncertainty, Ruxton points out Alter Domus continues to prioritise operational efficiency and talent development. “CLOs are still incredibly people-driven, even in a digital world. The loan industry hasn’t caught up—it still relies on emails, phone calls, and yes, even faxes,” he says.

To meet this challenge, Alter Domus has implemented internal training programs and invested in technology, including the acquisition of Solvas, a platform used on both the buy- and sell-side. “We’ve built a strong bench internally. We cross-train our teams so that when activity spikes, we’re ready.”

The next phase of the firm’s technology evolution focuses on front-to-middle office integration. “Historically, it’s been about merging back office into middle. Now, we’re connecting front-office OMS tools with our middle-office capabilities to offer a seamless, scalable CLO solution.”

Supporting growth in an evolving landscape

As new and existing managers navigate the complexities of the market, Alter Domus is seeing increased demand for support services. “Larger managers are asking us to take on more responsibility—sometimes onboarding three to five portfolios at once. It’s a challenge, especially with unfamiliar tech, but the second and third implementations always move faster.”

Ruxton also notes the ongoing emergence of new CLO managers—many of whom are expanding from existing platforms. “There are serious hurdles—loan sourcing, compliance, documentation. We help guide them through that first difficult deal and beyond.”

Ruxton acknowledges the persistent challenge new managers face: accessing loan supply. “Established CLO managers dominate the market, often absorbing 70% of new loans. That doesn’t leave much for others. Hybrid BSL/private CLOs have become more accepted, but the documentation still needs to catch up to market reality.”

Despite the current environment, Ruxton remains optimistic. “Issuance will pick up again once tariff impacts are better understood and interest rate expectations stabilise. CLO managers, especially the larger ones, are well-positioned to adapt—they have capital access, experience, and scalable infrastructure.”

Alter Domus, he emphasises, will continue to evolve alongside the market: “We’re committed to delivering flexible, technology-enhanced solutions that meet our clients where they are—whether they’re seasoned issuers or just getting started.”

Ramla Soni

CLOs

Pearl Diver Capital opens Dubai office to tap regional CLO demand

Matt Layton, partner and head of EMEA at Pearl Diver Capital, answers SCI's questions about its recent expansion into the Middle East with the opening of a new office in Dubai as part of the firm's efforts to grow their global CLO strategy

Q: Where did the decision to open an office in Dubai come from?  

Matt: Opening an office in the The Gulf Cooperation Council (GCC) region is a natural progression for our firm. Since Pearl Diver Capital was established in 2008, we have built a successful franchise across Europe, the US and LATAM with offices in London and New York. For a number of years, we have witnessed increased investor appetite from GCC countries, and we would like to service those investors with a local team. This is just a natural progression to expand our global reach. It gives us a base not only across UAE and GCC countries, but also as a footprint to step into Asian geographies.  

Q: What is the strategy for the new office? Are you looking at specific asset classes for the expansion? 

Matt: Today we are a dedicated third-party CLO investment boutique, so we run a series of strategies that invest across the global CLO market, through equity, mezzanine and investment grade tranches. We are also flexible and invest through both the primary and secondary markets, depending on whichever produces the better risk adjusted returns.  

We offer a range of structures, including liquid, private equity style drawdown and even a New York Stock Exchange listed 40 Act vehicle (Ticker: PDCC). We're effectively a one stop shop for anybody who wishes to invest in CLOs and similar asset classes. 

Q: What does the investor appetite look like in the region now? 

Matt: We speak with a broad range of investors including banks, insurers, asset managers, sovereigns and family offices, through countries spanning across the GCC. Each has their own nuances in terms of what they're looking to achieve in their investment portfolio but are attracted to CLOs because of the stability of cashflows and extremely low long term historical default rate. 

In the last two to three years, we have seen increased appetite for CLOs as knowledge and understanding of the asset class has improved. This is really a natural progression, as investors initially look towards other credit opportunities and then progress to CLOs.  

CLOs are a US$1.4trn global market and have maintained returns and low default rates since the first CLOs were issued almost 25 years ago. They have also performed extremely well through several market dislocations and generated strong income throughout which investors value greatly.   

Q: How do you see the CLO market progress in the UAE/Middle East in the upcoming years? 

Interest in CLOs is certainly on the rise. There is an increased demand for credit products and once investors begin to look at credit, public and private, the relative benefits of CLOs, in terms of superior yield with lower default rates, becomes clear. This has been historically tested for over 20 years. 

Marina Torres 

Structured Finance

Job swaps weekly: Balbec names new ceo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Balbec Capital announcing a new ceo, as incumbent Charles Rusbasan transitions to executive chair. Elsewhere, Fides Holdings has appointed a managing partner and head of structured and alternative credit in its private credit and structured finance subsidiary Fides PM²T, while United Trust Bank has named a director of structured property solutions. 

Balbec Capital has promoted president Peter Troisi to ceo, succeeding founding partner Rusbasan, who will transition to executive chairman alongside chairman Warren Spector. Troisi, who joined Balbec at its inception in 2010 and became its president in 2023, will in his new role as ceo continue to support the firm’s investment strategy while managing the firm’s ongoing strategic growth. 

Alongside Troisi, Balbec also announced the promotion of four senior executives to partner – including cfo Christina Houghton, head of real estate asset management Matthew Rosen, head of residential credit Ryan Singer and head of investment risk and analytics Bo Wang. 

Meanwhile, Fides Holdings has appointed Peter Melichar as managing partner and head of structured and alternative credit at Fides PM²T, its private credit and structured finance arm operating from Dubai and London. He brings over 25 years of global fixed-income and private credit experience from Deutsche Bank, Jefferies, Société Générale, GreensLedge Europe, Key Capital and Citi/Salomon’s pioneering CLO team.  

Melichar will lead the launch of an evergreen managed account targeting 8–10% net returns through a diversified, conservatively underwritten portfolio of structured receivables, asset-backed loans and specialty finance. In this role, he will collaborate closely with Mattia Tomba, head of capital solutions, to drive growth across Fides PM²T’s platform. 

United Trust Bank has appointed Alex Tyrwhitt to the newly created role of director of structured property solutions in London. In the new role, Tyrwhitt will head up UTB’s activity in the space and report to cco, Mark Stokes. He joins from Octane Capital, where he served as director of structured finance. Prior to this, Tyrwhitt held senior real estate finance roles at HSBC and GE Capital Real Estate. 

Allens has promoted Jamie Taylor to partner in its banking and finance team in Sydney, as part of its latest round of partner promotions. Taylor joined the Allens team last year from A&O Shearman team in Hong Kong and specialises in a wide range of structured finance products, including esoteric ABS and ABF. 

Mayer Brown has recruited structured finance veteran Kevin Ng as a partner in its banking and finance practice in London. Ng joins from White & Case, where he was a partner for almost 15 years. His appointment follows the recent additions of Chris McGarry and Adam Farrell to Mayer Brown’s structured finance team in London. 

And finally, insurance intermediary Specialist Risk Group (SRG) has hired two senior executives with structured credit backgrounds to its team. The firm has hired former Marsh md Ed Nicholson and former Gallagher md Matthew Solley, both in the role of managing partner within the credit and political risk division. The appointments come shortly after SRG acquired the credit and political risk (re)insurance division of Tysers, which is led by John Lentaigne. 

Nicholson joins the firm after a 17-year association with Marsh, the first 11 of which were spent at JLT Specialty prior to its acquisition by Marsh. He left his most recent position as md and regional business development lead for political risk and structured credit in January. Solley left his role as md at Gallagher in mid-2022 after 21 years with the insurance, risk management and consulting business. 

Claudia Lewis, Marta Canini, Kenny Wastell