Cairn Financial Products, a specialist credit asset manager, said it will provide advisory services for the management and unwinding of Bayern LB’s multi-billion euro European ABS portfolio.
The asset manager said it was awarded the mandate following a competitive tendering process and followed the decision by BayernLB to re-focus its attentions on its core activities and the creation of its new restructuring division.
Cairn is set to provide BayernLB with a broad range of portfolio advisory services such as technical, professional and interpretative advice, support and assistance such as monitoring, analysis, calculation, valuation and reporting.
Bayern LB said it had significantly reduced its ABS portfolio over the last two years and was looking to possibly accelerate its portfolio amortization in a capital-efficient way using Cairn's experience and advice.
“This is a tremendously interesting and exciting opportunity for Cairn and one which will clearly demonstrate the full range of our skills and services,” said David Littlewood, a director at Cairn. “We are delighted to have been selected as Bayern LB’s partner on such a prestigious and key mandate for the bank”
The advisory mandate is effective immediately.