Goldman hiring staff for European securities

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Goldman Sachs says it’s adding staff to its European asset-backed securities business as the bank prepares for a resurgence in the $305bn market that shrank more than 40% over the past four years.

Bloomberg News reports that new securities will be generated as hedge funds and private equity firms seek to repackage debt as they enter the direct lending market, according to Simone Verri, who is co-head of financial institutions group financing at Goldman in London. Investors buying bad loans from the region’s banks will also want to securitize the assets, he said.

“We have invested a lot in this opportunity by hiring more people, especially for ABS structuring,” said Verri, a partner at the investment bank. “The specialty finance players and quasi-banking sector could use ABS to fund loan origination and that’s a very attractive commercial opportunity in the medium term.”

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