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Between Omicron, the holidays, and down-to-the-wire end-of-year closings, it was a hectic finish to 2021. But now that the calendar reads 2022, we wanted to reflect this week on the state of the NAV finance market and provide some thoughts on trends we're observing as 2022 gets underway.
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First off, thank you to all of our clients for a phenomenal 2021 and for all the well-wishes I received from so many in our industry after taking on Head of U.S. Fund Finance duties earlier this month. I'm very excited about this expanded role and just as excited for Sam Hutchinson, who takes on Head of UK Fund Finance duties.
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The FFA and Diversity in Fund Finance have announced the 2022 FFA DEI Emerging Leaders: Cadwalader associate Fiona Cheng and Haynes Boone associate Robin Ladd. The 2022 recipients were judged on their overall contributions to furthering diversity, equity, and inclusion efforts in the fund finance market, their workplace, and/or the broader community.
The 11th Annual Global Fund Finance Symposium will take place February 16-18 at the Fontainebleau Miami Beach. The FFA has since released its COVID FAQs for the event. For anyone interested in learning more about the policy and related info, please visit here.
The next webinar in the Wildgen Fund Finance Series is scheduled for Thursday, January 27 and focuses on 2022 Market Perspectives. For more information, click here.
Mondaq hosted a webinar earlier this week on Cayman Islands fund structures with panelists Agnes Molnar and Richard Mansi, partners at Travers Thorp Alberga; Dave Wasserman, Managing Director at Morgan Stanley; and Parisa Clovis, partner at Kirkland & Ellis. The panelists discussed a range of topics, including the current state of the fund finance market, the increasing number of multi-fund structures and the challenges they bring, NAV-oriented funding, and private credit considerations. For more information and a link to the webinar recording, click here.
BNY Mellon is looking for a senior professional to join its Credit Risk team.
Citi Private Bank is looking to hire two specialists into its EMEA Fund Finance team, based in London.
Standard Chartered is hiring for an Executive Director of Public Pension Funds.
U.S. Bank is hiring a Vice President and Associate to join the Subscription Finance team.
The role of the various management/administrative players in a Luxembourg fund structure has become increasingly complicated, so this week Fund Finance Friday took the opportunity to talk with Antoine Fortier Grethen, head of fund finance and partner at SJL Jimenez Lunz, about these roles, how they are relevant to a fund finance transaction and why they may sometimes be overlooked or misunderstood. Antoine is a very experienced fund finance lawyer and also lectures in contract law, business law and finance transactions at the University of Lorraine, so we are very grateful to him for taking the time for this very enlightening discussion.
Women in Fund Finance (WFF) will hold the second part of its “Lead Like a Woman” series on January 27. For more information, click here.
Across the global markets, the countdown to 2022 started many months – or even years – ago. Regulators had announced that the end of 2021 would be the end of nearly all tenors of LIBOR in the $400 trillion global market. This presented multiple challenges, which Cadwalader Financial Services partner Lary Stromfeld, head of the firm's LIBOR Preparedness Team, addresses in related commentary in the Cadwalader Cabinet.
A new Duane Morris article explores how recent alleged fraud incidents in Subscription Credit Facility transactions have caused lenders to question whether current Fund Finance due diligence procedures need an upgrade. To read more on how the authors recommend adapting to the changing landscape of due diligence, click here.