Peter, who joins the group from UBS where he was head of European securitisation, will spearhead Paragon’s residential mortgage backed securities strategy.
Paragon announced a return to new lending in the buy-to-let mortgage market in September and plans to arrange term funding in the mortgage-backed securitisation markets once it has aggregated a suitable portfolio of loans.
Paragon is a pioneer of securitisation in the UK mortgage market, issuing its first deal in 1987. It has completed 53 RMBS deals in total, raising £20 billion.
Peter has over 20 years’ experience in the securitisation market and was instrumental in its development during the 1980s, and his expertise covers all aspects of funding across all major jurisdictions. He will report to Paragon Group finance director Nick Keen.
Commenting, Peter said: “I’m joining Paragon at a very exciting time - there are multiple opportunities for a company with our skills and resources. Buy-to-let mortgage lending has recommenced and the securitisation market is beginning to find its feet after two years of uncertainty. We plan to re-enter the securitisation market in due course, consistent with Paragon’s long term growth strategy.
“The Group has held bond investor roadshows during 2010 and there is strong investor demand for Paragon’s residential mortgage-backed securities given the excellent performance of its historical mortgage assets. Paragon has such a fantastic pedigree in the securitisation market. All of its deals have performed within the parameters expected of them, which is a sign of high quality assets.”
