Interdealer broker Tullett Prebon’s alternative investments team has launched a service to manage the sale of bankruptcy claims on the secondary market.
Tullett Prebon Alternative Investments offers an auction process for the sale of illiquid assets on the secondary market.
The group’s proprietary technology is deployed to offer investors an efficient and transparent process leading to a verifiable price.
The auction process has managed the sale of interests across a wide range of illiquid asset classes including hedge funds, private equity, real estate, non-performing loans and now bankruptcy claims.
The team has overseen a two-stage auction process for a claim in excess of GBP150m.
Neil Campbell, head of Tullett Prebon Alternative Investments, says: “We are delighted to be rolling out Tullett Prebon Alternative Investments’ auction process to new product areas. We are seeing excellent opportunities in the claims business as compensation disputes following the financial crisis continue and it develops into a more liquid asset class. The market is maturing and in some cases these assets are trading at par or above, representing a compelling cash alternative for the savvy investor.”