LONDON, March 8 (IFR) - Structured credit specialist
Prytania is formally splitting its two main business lines -
solutions and investment management - to maximise growing
opportunities in advising clients on valuations of complex
Prytania's chief executive, Jim Irvine, and its head of
solutions, Fraser Malcom, will run the new independent solutions
business, which has developed into a major operation in
providing structured credit valuations.
With regulators demanding investors obtain independent
valuations, Prytania expects the solutions arm to be a growing
opportunity. It said that the institutional client base rose by
100% in the past year.
At present, Prytania Solutions' clients are mainly banks and
insurance companies. But hiving it off from Prytania Investment
Advisors will allow it to target the asset management sector, by
removing the perception of a conflict of interest.
Mark Hale, chief investment officer of the investment arm,
will to run the renamed business; as chief executive of Prytania
Asset Management. According to a press release, the investment
arm had £1.1bn AUM as at the end of February 2014.
Irvine said Prytania provides valuations on "10,000
securities a day", and that this expertise should be attractive
to the asset management community.
"The business has developed from an internal focus, but then
that was rolled out to a range of clients," he added. "So,
Prytania (Solutions) is providing valuations to banks, insurance
companies and, hopefully soon, asset managers."
(Reporting by Alex Chambers, editing by Robert Smith)