Treasury Hires Asset Managers Under EESA

Posted by Orb Staff on April 24, 2009 No Comments
Categories : Residential Mortgage

S. Department of the Treasury has selected three firms to manage its portfolio of assets issued by banks and other institutions participating in the Capital Purchase Program and other similar programs under the Emergency Economic Stabilization Act (EESA). The assets include senior preferred shares, senior debt, equity warrants, and other equity and debt obligations. In response to a publicly announced solicitation in November 2008, the Treasury received over 200 submissions from interested firms. Following an evaluation process, the Treasury has selected AllianceBernstein LP, FSI Group LLC and Piedmont Investment Advisors LLC. By leveraging the professional experience and extensive resources of these investment management firms, the Treasury says it will ensure that the taxpayers' assets are managed in a prudent and transparent manner. The three firms will immediately begin providing asset management services to the Treasury, including valuing the assets issued to the Treasury by public and private financial institutions participating in the Capital Purchase Program; analyzing the ongoing financial condition, capital structure and risks of these financial institutions; and advising on and executing transactions in accordance with the Treasury's investment policy. SOURCE: T

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