Precision Capital Advisors, a boutique formed last year by two former Deutsche Bank professionals to advise potential collateralized debt obligation investors, has branched out. Gina LaVersa, co-founder, said it recently established a broker-dealer subsidiary, Halyard Securities, to act as a structuring and placement agent. Precision has also been active as a third-party verifier of CDO prices.
LaVersa said the boutique was originally intended merely as an objective advisory service for investors considering making CDO purchases but has turned into more of a three-pronged entity. "There was X but there was Y and Z as well," she said, referring to the two parts of the firm's activities that had not initially been anticipated, noting, "it's a pretty phenomenal time for CDOs--the market has evolved and there is a lot more acceptance and activity."
Precision Capital, which LaVersa set up with Todd Kesselman from Deutsche Bank last year (BW, 4/16), has also recently hired Patricia Capote, a cash flow CDO structurer who left Deutsche Bank earlier this year.