Saturday, 26 July 2014
Last updated 22 hours ago
Mar 16 2012 | 8:02am ET
BlueMountain Capital Management has acquired what remains of Crédit Agricole's structured-credit market-making business, as CA and other European banks continue to offload assets and improve their capital ratios.
New York-based BlueMountain will continue to wind down the contracts at the business, which CA shuttered the unit three years ago. The bank will pay BlueMountain to manage the portfolio, which will become part of a vehicle called Alpine. CA will also retain the counterparty risk and provide the hedge fund a liquidity facility, the Financial Times reports.
BlueMountain, for its trouble, will keep the profits. Terms of the deal were not disclosed.
The bank said selling it reduces its risk-weighted assets by €14 billion.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…