Wells Fargo's Subscription Finance Group has made some recent promotions, including: Dirk Kaiser was promoted to Managing Director; Nake Grewal was promoted to Director; Cristina Savu was promoted to Director; Jaspa Douse was promoted to Vice President; and Ben Echols was promoted to Vice President. Congrats to Dirk, Nake, Cristina, Jaspa and Ben!
Cadwalader’s Fund Finance team is excited to announce that Michael Hubbard has joined the practice in our London office. Mike arrives from Lloyds Bank, where he was a director in the Loan Markets team focusing on origination and distribution of fund finance products. Over his 17 years of industry experience, Mike has been responsible for originating, structuring and syndicating some of the largest fund financings in the European industry, including capital call facilities, GP financings and NAV facilities across all asset classes. We are thrilled to welcome Mike as the latest addition to our transatlantic team. Please visit here for the full press release.
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Eric Starr rejoined Cadwalader's Fund Finance team as a Special Counsel this week. Eric is based in our Charlotte office and represents lenders on subscription facilities, capital call lines of credit, GP financings and NAV loans. |
Commonwealth Bank of Australia is looking for an associate director to join its Non-Bank Financial Institutions team in New York.
Pacific Western Bank is hiring a VP-level Client Manager to join its Fund Finance Group.
People’s United Bank is looking for a Portfolio Manager for its Fund Banking group.
State Street is looking for a credit analyst officer to join its Subscription Finance team in Boston.
The 2022 “Pink Book” – Fund Finance’s leading legal treatise – was published this week. Mike Mascia, the Contributing Editor, opened this year’s edition with a Fund Finance Market Update article in which he provides a high-level overview of key industry themes in 2021 within the context of the broader capital markets and economic environment, and shares his thoughts on potential developments for 2022. It can be read here. All of the book’s chapters are available here at no charge, and hard copies will be available at the FFA conference in Miami.
Join best-selling author Michael Lewis and Diversity in Fund Finance speaker Sekou Kaalund, Chase's Head of Consumer Banking for the Northeast Division and Head of Advancing Black Pathways, for fireside chats at the 11th Annual Global Fund Finance Symposium.
Earlier this week, the SEC proposed revisions to Form PF, a confidential reporting tool used by certain SEC-registered investment advisers to private funds. The revisions are open to public comment and, in the main, propose expanding Form PF to require current reporting of key stress events and to bring more advisers into the reporting requirement by lowering the reporting AUM threshold. The proposed rule can be found here and Cadwalader partner Steven Lofchie’s to-the-point summary here.
Samantha Hutchinson and Brian Foster co-authored “Navigating Alternative Liquidity Solutions” in the 2022 Pink Book, which highlights various financing trends since March 2020 – including “PRAV” facilities, preferred equity solutions and continuation financings – and how they work for particular liquidity needs. The chapter is available here. In addition, Sam and Nathan Parker again co-authored the jurisdictional chapter covering England and Wales, which considers the role of English law in fund financings across Europe. Read the chapter here.
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Jeff Johnston and Mike Mascia sat down with James Strode of Global Legal Group for a webinar this week discussing the state of the Fund Finance market, the upcoming FFA Conference in Miami and the release of the Pink Book. To watch the video, click here. |
While ESG funds may be in vogue for institutional investors, lenders seem to have a different slant. For insight on how Customers Bank’s Fund Finance team is adapting to embrace the “Double Bottom Line,” click here.