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ACA Financial Guaranty Corp, a subsidiary of ACA Capital, announced last week it entered into a letter of intent with Resource Financial Fund Management, a wholly-owned subsidiary of Resource America, to sell its U.S. collateralized loan obligation business.
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Matthew Carara, executive director and head of UBS’s scratch and dent mortgage business, has left the firm.
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Rasameel Structured Finance is working on setting up a principal investment branch to be based in Dubai.
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Iftikhar Hyder and Trude Akersveen, managing directors in XL Capital Assurance’s collateralized debt obligation business, have left the company.
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Vertical Capital is rumored to be in talks with E*Trade Global Asset Management to take over up to four collateralized debt obligations of asset-backed securities E*Trade manages, according to industry sources.
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Jeffrey Tolk, Asian head of credit structuring at HSBC in Hong Kong, has left the firm.
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FSI Capital is rumored to be paying ACA Capital a rolling rate, with some market participants speculating as much as 80% of managerial fees, for the life of the collateralized debt obligations FSI took on in its purchase of the beleaguered company’s asset-backed securities and corporate CDO businesses.
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Credit Suisse has posted net write-downs of CHF3 billion ($2.72 billion) for the year stemming from poor performance from its asset management and investment banking divisions amid the subprime storm.
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Citigroup is currently looking to convert Hartford Investment Management’s market value collateralized loan obligations into cash flow CLOs.