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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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Law firm Akerman Senterfitt has added Howard Finkelstein as a partner. He joins from Buchanan Ingersoll & Rooney.
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Petra Capital Management is close to pricing its first collateralized debt obligation of commercial real estate.
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BlueOrchard Finance has launched the first publicly rated microfinance collateralized debt obligation.
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Two years after UBS launched its $2 billion hedge fund, Dillon Read Capital Management, the bank is shutting it down, due to poor performance. The fund, hit by subprime investments gone bad, will cost UBS around $300 million, says John Costas, the funds CEO and Chairman. UBS blamed difficult market conditions in U.S. mortgage securities for the fund’s poor performance, but left it unclear whether or not the fund’s bad investments, amounting to $124 million in losses, can be attributed to both stocks and bonds.
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New Century Financial, the largest subprime lender in bankruptcy, has agreed to sell $170 million worth of loans to hedge fund Ellington Management Group for less than 30 cents on the dollar, according to Bloomberg News. Old Greenwich, Conn.-based Ellington has won a court-supervised auction, agreeing to pay $58 million for the loans and a number of mortgage-backed securities.
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XL Capital Assurance has hired Ken Chang for its collateralized debt obligation group in New York.
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David Liu has left UBS mortgage research to trade asset-backed securities-related products for Merrill Lynch's proprietary desk.
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GoldenTree Asset Management is ramping two new collateralized loan obligations out of its Laurelin series and expects to complete the deals over the next six to nine months.
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Jeffrey Megar, the collateralized loan obligation portfolio manager at Fortis Investment, left the firm April 27.