{"id":60108,"date":"2017-01-24T01:58:00","date_gmt":"2017-01-24T00:58:00","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/mount-street-acquires-portfolio-management-subsidiary-from-eaa\/"},"modified":"2017-01-24T01:58:00","modified_gmt":"2017-01-24T00:58:00","slug":"mount-street-acquires-portfolio-management-subsidiary-from-eaa","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/mount-street-acquires-portfolio-management-subsidiary-from-eaa\/","title":{"rendered":"Mount Street acquires portfolio management subsidiary from EAA"},"content":{"rendered":"

Mount Street acquires EAA Portfolio Advisers GmbH (EPA) and contract to manage \u20ac29bn portfolio for EAA<\/strong> <\/em><\/p>\n

Mount Street is pleased to announce the successful agreement with Erste Abwicklungsanstalt (EAA)
\nto acquire EAA Portfolio Advisors (EPA). At the end of 2009, EAA was created as the Asset
\nManagement Company\/”bad bank\u201d to manage the assets of the former WestLB AG. EAA was
\nfounded as a public law agency under the German Financial Market Stabilisation Fund Act. Its
\nshareholders include the German State of North-Rhine Westphalia (NRW) and NRW\u2019s Savings Banks
\nAssociations. EAA took over the responsibility for the wind-down of WestLB\u2019s portfolio of more than
\n\u20ac200bn comprising a diverse range of complex non-performing loans, ABS, leveraged credit, asset
\nfinance and structured finance assets.<\/p>\n

EPA has managed this portfolio over the past 7 years and has enabled EAA to reduce the
\noutstanding balance to approximately \u20ac29bn, while always remaining ahead of the plan agreed with
\nEAA and its stakeholders. By all measures, both EAA and EPA have delivered excellent results for
\ntheir stakeholders.<\/p>\n

Mount Street will take over EPA, including its approximately 90 employees at offices in London,
\nD\u00fcsseldorf, New York and Madrid, following regulatory approval which is expected in the first half of
\n2017.<\/p>\n

With AUM of \u20ac29bn, this platform transfer and management contract is by far the largest of its kind
\never completed in Europe. The selection of Mount Street by EAA comes after a rigorous selection
\nprocess spanning more than six months to identify the partner best qualified to provide the optimal
\ncombination of integrity, professionalism and experience in the structured credit asset class, together
\nwith the highest standard of commitment and responsiveness to client requirements and sensitivities.<\/p>\n

With this acquisition Mount Street adds portfolio management of \u20ac29bn of diversified performing and
\nnon-performing credits to approximately \u20ac26bn of commercial real estate loans and bonds that the
\ncompany currently manages, bringing the total AUM to over \u20ac55bn. Furthermore, the addition of
\nEPA\u2019s highly skilled credit portfolio management team to the Mount Street platform allows the
\ncompany to diversify its product offer beyond its existing activities in loan and bond servicing. EPA
\nprovides best in class credit surveillance and management products enabling end-to-end portfolio
\nmanagement, from modelling and valuation of single positions to overall portfolio management,
\nrestructuring and exit strategies.<\/p>\n

Ravi Joseph, CEO and co-founder, commented \u201cFor the Mount Street brand, this transaction reaffirms
\nour pre-eminent credentials as the counterparty of choice for banks and state entities considering
\nstrategic transactions of this nature. For the leadership of Mount Street, who have extensive prior
\nexperience in credit, asset finance, and structured finance, this expansion is a natural progression in
\nthe evolution of our firm\u201d.<\/em><\/p>\n

Paul Lloyd, Managing Partner and co-founder, said \u201cEPA has a talented team and this transaction
\nrepresents the next step in the growth of their portfolio management platform. Working together with
\nMount Street, EPA will offer a broad menu of services to the credit and asset finance markets in
\nEurope\u201d.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Mount Street is pleased to announce the successful agreement with Erste Abwicklungsanstalt (EAA) to acquire EAA Portfolio Advisors (EPA). At the end of 2009, EAA was created as the Asset Management Company\/”bad bank\u201d to manage the assets of the former WestLB AG. <\/p>\n","protected":false},"author":20,"featured_media":60106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1651,1437,2007],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/60108"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=60108"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/60108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/60106"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=60108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=60108"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=60108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}