Lending and corporate finance teams will now report to deputy head of portfolio management
In a high-profile departure, Graham Emmett, the head of lending at Ireland’s National Asset Management Agency since 2010, has left by mutual agreement and is not being replaced.
Emmett, a former Goldman Sachs banker and principal at Rankvale, is returning to the UK, a NAMA spokesman said.
In future, the lending and corporate finance teams will report to deputy head of portfolio management Michael Moriarty instead.
NAMA, which is working through €74bn of bad loans, is stepping up its programme of sales and has just appointed a 13-strong panel of advisers. They will help parcel up loans across Europe from individual borrowers and sell them off.
They include: Brookland Partners; Cantor Fitzgerald; CBRE; Cushman & Wakefield; The Debt Exchange (see December 2011); Eastdil Secured; Ernst & Young; Goldman Sachs; Jones Lang LaSalle; KPMG; Lazard; Savills; and UBS.
NAMA is considering putting all the loans from individual borrowers – whether performing or non-performing, in the UK, Germany or elsewhere – into single packages. An investor would effectively buy all the debt associated with a single borrower.
One of the successful panellists said the agency would likely assess which of the panelists would be suitable advisers on each of the loans and ask two or more of them to pitch on each of those transactions.
The three-year contract was awarded based on the most economically beneficial tenders in terms of process and execution methodology, proposed team and fees – and not on the lowest price. NAMA received 26 pitches; unsuccessful bidders are thought to have included Hatfield Philips and Auction.com.
A second, 10-strong panel has been assembled to advise NAMA on loan sales in the US. It is comprised of CBRE; Credit Suisse; The Debt Exchange; Eastdil Secured; Ernst & Young; Houlihan Lokey; Holliday Fenoglio Fowler; Jones Lang LaSalle; KPMG and Lazard.
A review last month for the Irish government by former HSBC chief executive Mike Geoghegan said NAMA must become more “entrepreneurial”.