A team of about half a dozen members of Credit Suisse's securitised products group in Europe are officially moving to their new home at Atlas SP Partners on Thursday, according to a person familiar with the situation. Their move comes roughly 100 days after their US colleagues made a similar move as part of the sale of the business to a group of investors led by Apollo Global Management.
Jason O'Brien, who was head of European origination and syndication for securitised products at Credit Suisse, will lead the new regional team, which consists of about half of the former members of Credit Suisse's SPG in Europe.
The business will be focused on providing private warehouse and term financing to financial sponsors and non-bank originators, said the source.
Spokespeople for Credit Suisse declined to comment. A representative of Apollo did not immediately respond to a request for comment.
Apollo launched the new franchise in the US in February as it reached the first close on its acquisition of the business, including a portion of its assets, from Credit Suisse. At the time, the two firms said further assets and certain international employees were expected to transfer at a later date.
Apollo is the majority shareholder of Atlas and has brought in third-party investors. The CEO of Atlas is Jay Kim, who was global head of securitised products at Credit Suisse.
Since launching the new brand, Atlas has completed 26 securitisations and six new warehouses, according to a post by the firm on LinkedIn. The deals have included mortgage-backed securitisations for clients such as Farmer Mac, AmWest Funding Corp and Invictus Capital Partners, consumer loan asset-backed deals for Achieve, Pagaya and Theorem and solar ABS transactions for Sunnova, Sunrun and Goodleap, among others.
UBS agreed in March to acquire Credit Suisse as part of a rescue deal brokered by Swiss authorities after Credit Suisse shares plummeted in the wake of regional bank failures in the US.