SWFI First Read, February 13, 2018
Bank of America Analyzes Canadian Mortgage Packing Play
Bank of America Corporation is analyzing the possibility of putting riskier Canadian mortgages into bonds, creating stimulus in the country’s residential mortgage-backed security market. These mortgages would not necessarily be backed with Canadian government guarantees. Canadian regulators made it more difficult for consumers to qualify for government mortgage insurance.
Korean Opportunities: BNY Mellon Opens FX Room in Seoul
BNY Mellon opened its foreign exchange (FX) trading room in Seoul. Such instruments permitted include foreign exchange forwards and non-deliverable forwards. The move provides more access to Korean institutional investors, while providing these investors exposure to global currencies.
BNY Mellon Hires Rebecca Bridgeman – Collateral Management
BNY Mellon named Rebecca Bridgeman as vice president and relationship manager of collateral management. Bridgeman will be based in London. Before this role, she was at RBC as an associate director of global client coverage. She also worked at BNP Paribas in business development.
Grant & Eisenhofer Forms Intellectual Property Litigation Practice
In late January 2018, law firm Grant & Eisenhofer P.A. established a broad-based intellectual property practice. Leading the new practice is Dr. Eric Evain, a chemist and intellectual property trial lawyer. Evain joined Grant & Eisenhofer as a director. Previously, Evain was a Partner at Reed Smith. Evain holds a Ph.D. in organic chemistry.
AXA Investment Managers Combines LDI Unit in Europe
AXA Investment Managers consolidated its liability-driven investment teams under one group covering the United Kingdom, France and the Netherlands. The consolidate group is led by Mathilde Sauve.

Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.
Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.
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