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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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Merrill Lynch has reportedly hired Ilan Stern,a former Bear Stearns secondary asset-backed securities trader.
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Moody’s Investors Service has added a credit card asset-backed securities analyst. Jeffrey Hibbs recently joined the agency’s asset finance group from T. Rowe Price.
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UBS will be exiting the hedge fund business sooner than expected, according to The Associated Press. Huw Jenkins, investment banking chief, told investors at a New York conference that Dillon Read Capital Management will be folded into UBS within a few months. “We said the integration could take up to 12 months,” Jenkins said. “From a practical point of view, I think it will be over and done within a couple of months.” Dillon Read had lost money for three straight quarters, including a $123 million loss in the first quarter on mortgage-backed securities trades.
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Jefferies Finance has hired Steve Goetschius from North Fork Business Capital to spearhead an expansion into larger corporate leveraged loans and work with Babson Capital in starting a standalone collateralized loan obligation business.
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Everbank mortgage originator BNY Mortgage has launched Prime Advantage, the first fixed-rate jumbo reverse mortgage.
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Olga Filipenko, an esoteric asset-backed securities analyst at Moody’s Investors Service, has left for Merrill Lynch.
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Bear Stearns has bolstered its European credit sales team with three hires in its London office.
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The N.I.R. Group may do three to four collateralized debt obligations this year after doing its first two in 2006.
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New York-based Everquest Financial, a specialty finance holding company that owns a portfolio of collateralized debt obligations, is going public with a pool of risky mortgage bonds purchased from its underwriter’s hedge funds, according to BusinessWeek. The firm, managed and advised by Bear Stearns Asset Management, has been buying up interests in risky bonds backed by subprime mortgages from hedge funds managed by BSAM. Bear Stearns is one of Wall Street's biggest underwriters of mortgage-backed securities and other exotic mortgage-related bonds.