Ex-JPMorgan Banker Joins Mortgage Firm HML Amid Loan-Sale Surgeby
HML has hired former JPMorgan Chase & Co. banker Swen Nicolaus as the mortgage service provider seeks to profit from a wave of home loans being offloaded by U.K. banks to comply with new capital regulations.
Nicolaus is the London-based head of portfolio trading and securitization services at the company, which manages about 37 billion pounds ($57 billion) of assets, according to Chief Executive Officer Andrew Jones. Nicolaus previously helped manage $110 billion of secured assets at JPMorgan and before that was a senior trader of asset-backed securities at Deutsche Bank AG, Jones said.
HML is seeking to capture mortgage administration and servicing contracts as new investors snap up home loans being sold by banks. European lenders are set to divest more than 150 billion euros ($170 billion) of loans this year, with U.K. banks the most active, according to Deloitte.
U.K. asset sales are set to reach 35 billion pounds in 2015 as lenders including Royal Bank of Scotland Group Plc and Barclays Plc shed non-core assets and the government prepares to dispose of 12 billion pounds of Northern Rock Plc mortgages, according to Deloitte. HML estimates sales in the U.K. will total 150 billion pounds by 2022.