Clayton Holdings formed an independent financial analysis and consulting group and hired a team of structured finance professionals based in New York City to run the practice.
The new subsidiary is called Asset Backed Solutions (ABS). This will focus on offering litigation support and valuation services to structured finance industry players.
David Lehman II has been named president of ABS and will be reporting into Paul Bossidy, chief executive 0fficer of Clayton. Tyler Simpson and Florin Nedelciuc were named directors of the new venture, the firm said.
Among other activities, the new unit will offer independent valuations and financial analysis to market players facing legal challenges linked to the valuation of complex structured products and related assets.
ABS will also assist firms and individuals with issues with the value of RMBS, whole loans, CDOs (both cash and synthetic) and other securities that were issued and sold before the credit crisis. The group will also consult on asset valuations that are tied to mergers and acquisitions, transaction advisory services and risk management.
The team includes Lehman, who joins Clayton from Navigant Economics, New York City-based unit of Navigant Consulting. At his previous firm, he provided valuation and advisory services for RMBS, CDOs and whole-loans. He also worked on a number of high-profile litigation and restructuring matters. Before Navigant, Lehman was a whole loan trader at WaMu Capital Corp. and Morgan Stanley, and a securitization analyst at Credit Suisse and Deloitte & Touche.
Florin Nedelciuc also ABS from Navigant Economics where he advised capital market players and their legal counsel on the valuation of structured products in different securities litigations, bankruptcy and restructuring matters. His career includes RMBS trading and structuring roles at WaMu Capital Corp., Wachovia and Banc of America Securities.
Tyler Simpson was formerly head of residential capital markets at Pentalpha Capital Group and led that firm's RMBS and residential whole-loan business including its subprime, Alt-A and prime sectors. He has held trading and risk management positions at New York Mortgage Trust, JPMorgan Securities, Deutsche Bank and Nomura Securities.
"We are pleased to add David, Florin and Tyler to the Clayton team," said Paul Bossidy, CEO of Clayton. "There is a critical need for independent valuation and analysis of complex financial instruments. Our Asset Backed Solutions group will continue the Clayton tradition of offering superior independent advice in these situations. In addition, as the securitization markets recover, we expect David, Florin and Tyler to significantly enhance the depth of Clayton's offerings and advisory services."
"Clayton is one of the premier providers of risk analysis and loss mitigation in the securitization market: partnering with them will create new opportunities for us and accelerate our growth," Lehman added.
Clayton offers customized risk analysis, loss mitigation, operational solutions and staffing services to the mortgage and fixed-income industries.