Morgan Stanley deal signals race for scale at fund managers
Morgan Stanley’s $7 billion purchase of Eaton Vance marks the latest wager that finding a big partner is critical to survival in the asset management industry. ... Read full article
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Truist sells legacy SunTrust CRE loan-servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC. ... Read full article
Hildene packages community bank debt into new CDO offering
The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability. ... Read full article
Virtual Currency's New Frontier: Cryptocollateral
States are just beginning to regulate cryptocurrency as a credit collateral for lenders. More can be done. ... Read full article
House probe of Deutsche Bank and Trump should be taken seriously
Congressional investigations are often rushed affairs that fail to dig beneath the surface. But the hiring of a veteran investigator who has tangled with Deutsche in the past suggests that this politically charged inquiry is likely to be thorough. ... Read full article
Square CFO heads out; OCC considering Citi sanctions
The company’s stock plunges after Sarah Friar’s departure announced; the bank said it unintentionally withheld mortgage discounts from minority borrowers. ... Read full article
Goldman Sachs investors win right to sue as group over CDOs
The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action. ... Read full article
Small banks pool their subordinated debt to reassure investors
An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year. ... Read full article
What rollback of risk retention could mean for CLO managers
There could be a pause in new issuance as CLO managers wait to see if the government will appeal; longer term, the pace will pick up as the playing field is leveled for smaller managers. ... Read full article
Federal appeals court rules CLOs exempt from risk retention
A three-judge panel for the D.C. Circuit Court of Appeals has sided with the LSTA in its lawsuit seeking to reverse rules requiring CLO managers to hold "skin in the game" under Dodd-Frank. ... Read full article
As synthetic CDOs roar back, a young Citi trader makes her name
Jia Chen has spent the past two years meeting clients, speaking at industry panels and becoming the face of a resurgent market for synthetic CDOs. Along the way, she's helped establish Citigroup as its dominant player. ... Read full article