Multi-billion Euro BayernLB advisory mandate appointment
Story date: 2009.7.16
Cairn Financial Products Limited, the specialist credit asset manager, today announces its appointment to provide advisory services to BayernLB, in respect of the management and unwinding of its multi-billion Euro European asset-backed securities portfolio. The award of the mandate follows a competitive tendering process and follows the decision by BayernLB to re-focus its attentions on its core-activities and the creation of its new restructuring division. Cairn`s specific remit is to provide BayernLB with a broad range of portfolio advisory services including technical, professional and interpretative advice, support and assistance such as monitoring, analysis, calculation, valuation and reporting. Commenting on developments for Cairn, David Littlewood, Director, said: "This is a tremendously interesting and exciting opportunity for Cairn and one which will clearly demonstrate the full range of our skills and services. We are delighted to have been selected as BayernLB`s partner on such a prestigious and key mandate for the bank" Dr. Ralph Schmidt, Board Member and Chief Risk Officer, speaking on behalf of BayernLB added: "BayernLB has significantly reduced its portfolio of asset backed securities over the last two years. In order to continue and possibly accelerate this portfolio amortisation in a capital-efficient way we will draw on Cairn`s experience and advice." The advisory mandate is effective immediately.
