Creators of First and Last SIV Return After Crash With U.K. Bank
- Sossidis, Partridge-Hicks get approval for U.K. lender
- First Global Trust says it's `a simple, narrow wholesale bank'
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Nicholas Sossidis and Stephen Partridge-Hicks, the bankers who created the model for structured investment vehicles that later collapsed during the global financial crisis, are back.
Sossidis and Partridge-Hicks own First Global Trust Bank Plc, a London-based firm that was authorized to provide banking services a month ago after a three-year approval process, U.K. Companies House and Financial Conduct Authority records show. The new lender is funded by Gordian Knot Ltd., their firm that once managed billions of dollars through a SIV until that vehicle’s 2008 collapse, the documents show.