Fund administrator Citco has appointed a new lead for its loan servicing business as it looks cater for increasingly complex portfolios under its credit and private debt departments.
Elaine Furnari has become head of loan servicing at Citco Fund Services in the US, joining from HSBC after nine years as senior vice president and head of commercial loan support.
Citco highlighted how the market for private debt has grown and subsequently, investors are allocating to fixed income strategies through larger, more complex loan portfolios.
In a statement, Furnari described the commercial loan servicing solution as a space that is “underserved”.
In response to the trend Citco is expanding its existing loan servicing business to offer a more holistic solution that will simplify the management and reporting of syndicated and private credit instruments.
“Investing in our loan servicing capabilities to offer a dedicated solution is not only evidence of Citco directly addressing client needs and demand, but also highlights our commitment to expanding our capabilities organically, as opposed to through acquisitions,” said Michael Peterson, head of capital markets at Citco.
“We are very pleased to have Elaine lead what has now become a standalone business, given her proven background and unique skillset which will help us drive innovation and shape service offerings that are increasingly popular with our global private debt clients.”
At HSBC, Furnari managed a portfolio of approximately $19 billion in commercial real estate loans. Previously she held the title of senior vice president and director of loan operations at Capmark Bank, where she was responsible for data reporting, transaction management and loan administration.