balmain + corporation + news
19 April 2010, Media Release
Originator and manager of Australian commercial property loans, Balmain Corporation, today announced the appointment of a highly experienced investment professional David Adiseshan to its talent pool.
Balmain Corporation's core business is originating and managing Australian commercial property loans. This business was founded 30 years ago by Executive Chairman Michael Holm and is perhaps the largest of its kind outside the four major Australian banks, having originated A$4 billion of loans in 2008.
David Adiseshan has joined Balmain Corporation as Chief Investment Officer. He has particular responsibility for originating funds and new funds management activities across property mortgage and other asset classes. He will also develop initiatives to protect investor interests and build a fiduciary culture.
Mr Adiseshan joins Mr Holm and CEO Andrew Griffin on Balmain Corporation's executive committee.
Mr Griffin, said: "Investment banks with captive fund management operations have for a long time realised that the economic interests of borrowers, asset managers and investors are rarely in perfect alignment. David’s role will be to help align these interests.
David brings enormous industry experience and first rate investment credentials.
We are entering a very exciting period for Balmain, as the Australian commercial property loans originated and managed by Balmain weathered the last couple of years better than reasonably expected. With appropriate new sources of institutional capital, we intend to capitalise on opportunities that are surfacing as demand for new commercial loans significantly exceeds supply."
Mr Adiseshan said: "The institutional investor market for bank loans in Australia is nascent. The overseas experience is that pension funds, sovereign funds and institutions (eg life companies) routinely invest in this low risk and truly defensive asset class. Currently there are less than a handful of tradable corporate loans in Australia. We will also seek to understand whether these pools of loans genuinely need to be securitised (into CMBS) to attract interest from institutional investors (either in Australia or offshore), or if there is a better solution available to the market.”
"I am delighted to be joining Balmain in a role which is both broad in scope and very important to the Balmain business. I hope to compliment Balmain's high quality team of seasoned property specialists with expertise I have developed in other asset classes."
About Balmain Corporation:
Balmain Corporation is Australia’s largest originator and manager of commercial property loans. Balmain manages over $10 billion in commercial property assets as a loan servicer, asset manager and originator.
Balmain Corporation's risk management processes are robust and exceed global peer standards. The granular analysis process applied to borrowers allows Balmain to make (and manage) very high quality Australian commercial property loans. With more of the right type of institutional risk capital -we are confident we can continue to make inroads into the corporate lending market share of the four large Australian banks.
About Balmain Funds Management:
Balmain Funds Management is a specialist fund manager that focuses on delivering exceptional long-term returns to investors. Initial asset classes of interest include active Australian equities and global fixed income.
Balmain Funds Management's strategy is to partner with 'best of breed' specialists in non-property asset classes including equities, fixed income and alternatives.
About David Adiseshan:
Mr Adiseshan has 22 years of institutional funds management experience across a broad range of asset classes, in both public and private markets. He has worked for companies including Allco Finance Group, Rothschild and Massachusetts Financial Services.
An experienced fiduciary and investment business builder, Mr Adiseshan has originated funds and new funds management activities with career capital raised exceeding A$5 billion. David's qualifications are B.Comm. & M.B.A., both from the University of New South Wales, and a Graduate Diploma of Applied Finance from FINSIA.
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