Cortview Capital Holdings Inc. plans to dissolve the commercial mortgage-bond team led by Bill Green, after hiring the group only six months ago, according to a Bloomberg report.
Michael Lacovara, a founder and president of Cortview, the broker-dealer backed by private-equity firm Warburg Pincus LLC said in the report that the CMBS business was determined not be the best use of Cortview's capital.
Green, the former global head of real-estate capital markets at Wachovia Corp., was hired in March to enter the $600 billion commercial-mortgage backed securities market amid a surge in deal flow and market confidence. Cortview is cutting the 15-person team amid concerns of further deterioration in Europe's dent crisis and a stalled U.S. macroeconomic outlook, according to the report.
