8/11/2023 0 Comments Waterfall asset management news![]() “Our trading desk is definitely hearing more inquiries from potential sellers of select, target portfolios from smaller and midsize banks,” he said, adding that this activity picked up since the collapse of Silicon Valley Bank and Signature Bank in March. “We’ve seen this movie before,” Capasse said. But he also anticipates enough distress coming down the way to gear up Waterfall, and its small-balance loan affiliate Ready Capital, to seize the moment. Instead, Capasse sees an more orderly process of loan sales from lenders able to better absorb some level of loss, rather than the flood of bank failures that led to the RTC and fire sale prices. “People who say this is the new RTC, they are like Chicken Little,” Capasse told MarketWatch “That’s not going to happen.” Back in the 1980s, he was helping Merrill Lynch navigate the Resolution Trust Corporation (RTC), a sweeping federal program that purged problem assets from failed banks, but also built the early fortunes of real estate titans Barry Sternlicht and Thomas Barrack. Waterfall closed a new $485 million Atlas Fund this week to invest in commercial real estate, distressed loans and bonds.Ĭapasse had a front-row seat to four decades of past commercial real estate boom and bust cycles. Ready Capital is externally managed by Waterfall Asset Management, an alternative investment manager with $11.6 billion in assets. See: Fed needs to keep raising interest rates, Waller says It is going to have a traditional cyclical decline in real estate,” he said. “You are going to see a lot more of that in the office sector.”Īfter an era of easy credit and low interest rates, property values are expected to fall, eroding the equity that borrowers have in properties and likely leading to climbing defaults. As of July 1, 2022, Waterfall manages approximately $11.0 billion in assets under management. To learn more, please visit are going to see strategic defaults,” said Capasse, CEO of Ready Capital Corp.Īnd co-founder of Waterfall Asset Management, of landlords walking away from properties or handing the keys back to lenders. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE: RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London, Dublin, and Hong Kong. Waterfall Asset Management is a global alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. We look forward to their success and growth as the firm continues to expand across geographies and asset classes to identify markets where we have an advantage in our continued effort to deliver market-leading risk-adjusted returns for our clients." Tom Capasse, co-founder of Waterfall along with Jack Ross, said: "Waterfall is driven by the innovative and entrepreneurial nature its employees bring to capital solutions, and Keerthi and Leo have embodied that ethos during their tenure. Raghavan received a B.Tech in Electronics and Communications Engineering from the Indian Institute of Technology and an M.B.A. He joined Waterfall in 2014 from Barclays Capital where he led the firm's CMBS Research division. Raghavan leads Waterfall's Bond Trading strategy focusing on investments in ABS, CMBS, RMBS, CLOs and Corporates, and is a member of the Waterfall Investment Committee. in Computer Science and Electrical Engineering from the Massachusetts Institute of Technology. ![]() Wong started his career in RMBS and ABS research in Fidelity Investment's Structured Products Group after earning a B.S. ![]() He joined Waterfall in 2007 to lead the firm's residential loan investment and trading activities, most recently serving as Head of Loan Strategies and as a member of the Waterfall Investment Committee. Wong has over 15 years of industry experience. Their promotions recognize the leadership of Raghavan and Wong in developing Waterfalls' high yield ABS trading and residential loan strategies, respectively. Wong and Raghavan are based in the firm's New York office and join the six current Partners at the firm. 12, 2022 /PRNewswire/ - Waterfall Asset Management is pleased to announce the promotion of both Leo Wong and Keerthi Raghavan to Partner from Managing Director. Firm expands senior leadership with internal promotions from loan and bond strategies ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |