Clayton Holdings LLC, a leader in providing customized risk analysis, loss mitigation, operational solutions and staffing services to the mortgage and fixed-income industries, has announced that it is forming an independent financial analysis and consulting group and has hired a team of seasoned, structured-finance professionals to run the practice. The new subsidiary, Asset Backed Solutions (ABS) LLC, will focus on providing litigation support and valuation services to market participants in the structured finance space. It will be based in New York City.
David Lehman has been named president of ABS and will report to Paul Bossidy, chief executive officer of Clayton Holdings LLC. Tyler Simpson and Florin Nedelciuc were named directors of the new venture, the company said.
Among other activities, ABS will provide independent valuations and financial analysis to market participants facing legal challenges linked to the valuation of complex structured products and related assets. ABS will assist firms and individuals with issues surrounding the value of residential mortgage-backed securities (RMBS), whole loans, CDOs (cash and synthetic) and other securities that were issued and sold prior to the credit crisis. The group will also consult on asset valuations tied to mergers and acquisitions, transaction advisory services and risk management.
The new ABS team has a strong track record in assisting clients and their legal counsel on the valuation of complex financial instruments in the context of securities litigation, bankruptcy, restructuring, and regulatory scrutiny. The team includes:
►David M. Lehman II who joins Clayton from Navigant Economics, New York City, a subsidiary of Navigant Consulting. At his previous firm, he provided valuation and advisory services for RMBS, CDOs and whole-loans and worked on a number of high-profile litigation and restructuring matters. Prior to Navigant Consulting, he was a whole loan trader at WaMu Capital Corp. and Morgan Stanley, and a securitization analyst at Credit Suisse and Deloitte & Touche LLP.
►Florin Nedelciuc also joins Clayton from Navigant Economics, where he advised capital market participants and their legal counsel on the valuation of structured products in various securities litigations, bankruptcy and restructuring matters. His career includes RMBS trading and structuring roles at WaMu Capital Corp., Wachovia and Banc of America Securities.
►Tyler T. Simpson was previously head of residential capital markets at Pentalpha Capital Group and led that firm's RMBS and residential whole-loan business including its sub-prime, alt-A and prime sectors. He has extensive credit market experience, having held trading and risk management positions at New York Mortgage Trust, J.P. Morgan Securities, Deutsche Bank and Nomura Securities.
"We are pleased to add David, Florin and Tyler to the Clayton team," said Paul Bossidy, chief executive officer of Clayton Holdings. "There is a critical need for independent valuation and analysis of complex financial instruments. Our Asset Backed Solutions group will continue the Clayton tradition of offering superior independent advice in these situations. In addition, as the securitization markets recover, we expect David, Florin and Tyler to significantly enhance the depth of Clayton's offerings and advisory services."