The securitization industry has a new trade group.
A group of investment banks, issuers, investors, law firms and rating agencies has formed the Structured Finance Industry Group (SFIG).
In a press release issued this afternoon, the group said SFIG will have a “strong and committed Board of Directors which will represent a broad cross section of the industry and will commit to deliver the necessary resources to achieve the group's goals and objectives.”
The announcement comes after most of the board of directors of another trade group, the American Securitization Forum, resigned amid concerns about corporate governance and transparency.
The press release lists 21 founding firms, including investment banks Bank of America, Citi, Credit Agricole, Credit Suisse, Deutsche Bank, Morgan Stanley, PNC Financial Services, RBS Securities, Societe Generale and Wells Fargo.
Major issuers Ford Motor Credit and GM Financial are also represented, as are law firms Cadwalader, Wickersham & Taft and SNR Denton.
Others listed include accounting firm Ernst & Young, ratings agency Fitch Ratings, and consultancy Andrew Davidson & Co.
"The group will work closely with our membership to provide an inclusive network for structured finance and securitization professionals to collaborate and, as industry leaders, drive necessary changes, be an advocate for the structured finance and securitization community, share best practices and innovative ideas, and provide educational opportunities for our members," Reggie Imamura, a PNC executive and the SFIG's chairman, said in the release.