GLAS, an independent provider of finance administration services, has launched in the US, with Daniel R Fisher appointed to the helm of its New York-based office.
The move is designed to capitalise on the new opportunities arising in the US and reflects demand for efficient, cost-effective services as traditional providers withdraw from the market. Across the Atlantic, GLAS’ organic growth continues with three new hires in London.
GLAS was established in 2011. It offers a wide range of administration services to lenders, borrowers, issuers and advisers across the loan and debt markets, specialising in complex deals including loan and bond restructurings. The company uses proprietary technology to provide a straightforward and solution-driven service, meaning it can react to the most complex transactions with speed and flexibility. These services have been used by Stemcor, Lonmin, Towergate, Hibu and Van Gansewinkel in Europe.
Fisher says: “GLAS is at really exciting juncture. It’s made incredible headway in the UK market and now is the time to bring its expertise to the US. The banks are undergoing a period of evolution and as regulation pushes them out of the corporate lending ecosystem, associated processes are pushed out with them. GLAS fills this gap. I’m incredibly excited to be marrying my specialist expertise to GLAS; it makes for a powerful proposition.”
Fisher will be in charge of growing the US operation, as well as establishing an experienced team to help support issuers, borrowers and direct lenders in the region. Daniel has deep expertise in dealing with bankruptcies and restructurings, and brings with him 30 years’ experience in the corporate trust industry. Prior to joining GLAS, Fisher played a fundamental role in Wilmington Trust's expansion, where he was responsible for managing its European business lines from the UK office, and Law Debenture, where he established its US trust business in 2002.
In addition to Fisher, expansion continues in Europe with three new senior appointments. Steven Hodgetts joins as Head of EMEA. He has 30 years’ experience in corporate trust services and has been tasked with building on the European operation. Helena Giles joins from Capita Asset Services as Business Development Executive, and will support the expansion of the company within the region. Boris Betremieux joins GLAS’ transaction management team, where he’ll reinforce its internal legal and Pan-European transactional capacity. All will be based in London.
Mia Drennan, CEO at GLAS, says: “Our growth and expansion across Europe and the US is testament to what GLAS has achieved over the past five years. Daniel’s entrepreneurial approach to building businesses and unrivalled knowledge of the sector stands us in great stead for the US. At the same time, Europe remains a focus and our new hires only strengthen that side of the business. 2016 is going to be an exciting year.”
GLAS’ office will be located on 230 Park Avenue, New York.