Global Loan Agency Services launches in US
Global Loan Agency Services (Glas), the loan and debt market administration services provider has announced the opening of an office in New York, as well as three additional hires at its London office.
The move is said to be the result of opportunities opening up as traditional services providers withdraw from the market. Glas targets lenders, borrowers, issuers and advisers across the loan and debt markets, including specialist services in areas such as loan and bond restructurings. For example, last year it was appointed replacement trustee relating to the $430m 9% senior secured notes due 2018 from Phones4U Finance Plc, the UK distributor of mobile phones that earlier went into administration.
Glas also lists Stemcor, Lonmin, Towergate, Hibu and Van Gansewinkel as clients.
Daniel Fisher has been appointed to head the growth of US operations, joining from Wilmington Trust, where he was responsible for managing European business lines, and before that Law Debenture, where he established its US trust business in 2002.
Fisher sais: “The banks are undergoing a period of evolution and as regulation pushes them out of the corporate lending ecosystem, associated processes are pushed out with them. Glas fills this gap.”
In London Glas has appointed Steven Hodgetts joins as head of Emea. Helena Giles joins from Capita Asset Services as business development executive. And Boris Betremieux joins Glas’ transaction management team.