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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Two big hedge funds at Bear Stearns were close to being shut down last night as a rescue plan developed over several days fell apart in a drama that could have wide-ranging consequences for Wall Street and investors, reports The Wall Street Journal. Merrill Lynch, one of the hedge funds’ lenders, said it would move to seize collateral – much of it mortgage-backed debt – from the two funds and sell it, according to documents received by the paper. At the same time, the funds’ managers worked with a handful of other key lenders, including Goldman Sachs and Bank of America, to pay off the funds’ $9 billion in loans, according to a person familiar with the matter.
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Brevan Howard Asset Management has hired Andrew Budres for its New York office.
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FirstLight Financial, the new middle-market firm, closed on its first admin, agented and lead arranged deal Monday.
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Barclays Capital has hired Pawel Lewicki from JPMorgan as the managing director leading the team that will provide quantitative model development for the securitization derivatives group.
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Bank of New York appointed two executive vice presidents within its global corporate trust division today.
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Asset management firm Ares Management has kick started its European private debt drive with the hiring of a trio from Barclays Bank.
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Halbis, the active asset management specialist of HSBC, has hired Rommel Badilla from Lotsoff Capital Management as a portfolio manager in its U.S. fixed income team focusing on securitized products.
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Lehman Brothers Holdings is combining its U.S. residential mortgage business and cutting about 400 jobs from the unit that makes subprime mortgages, according to Dow Jones Newswires. The investment bank, which packages mortgages into securities for sale to investors, will merge Irvine, Calif.-based BNC Mortgage, which arranges subprime loans through independent brokers, into Aurora Loan Services, which arranges “Alt-A” loans to borrowers who generally have higher credit scores but insufficient documentation for prime-rate loans.
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Deutsche Bank has been busy setting up a middle-market group led by Anthony Casciano, managing director and head of middle-market lending.