Pimco’s ‘limitless’ appetite for UK mortgage risk

Pimco is buying UK Asset Resolution’s latest major mortgage disposal, the £4.9bn ‘Project Chester’ portfolio, just a week after the US-based fund took almost half of another former UKAR disposal, Towd Point Mortgage Funding-Granite4. Meanwhile, Citi has overcome a previous reluctance to own risk retention on behalf of its clients, following a path pioneered by Goldman Sachs and Barclays.