MSCI said the new solution leverages consistent, independent probability of default (PD) scores and implied ratings for deeper risk insight across funds, sectors and geographies.
It also delivers credible, transparent credit risk metrics to boards, regulators and investors and support decision-making with insights backed by the independent methodologies, MSCI said.
The two firms said the solution “will be distinct from the services provided by Moody’s Ratings, the credit rating agency, to the issuers in the private credit market.”
MSCI is supplying data on more than 2800 private credit funds and 14,000 underlying companies.
The solution will also produce early warning signals that flag potential credit deterioration, macro-adjusted PDs incorporating both climate and economic factors, and loss given defaults at the facility level.
“As the private credit market evolves, investors are looking for trusted independent assessments to help benchmark credit risk and inform investments and monitor portfolios,” Moody’s chief executive Rob Fauber said.
“Our partnership with MSCI will play a critical role in providing these insights, helping market participants make informed decisions.”
MSCI chief executive Henry A. Fernandez said the rapid growth of private credit continues to transform the global investment landscape while highlighting the need for increased transparency, consistent standards and independent risk assessment.
Thisarticleoriginally appeared in our sister publication, Financial Standard.
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David Gillman joins Absolute Capital as regional VP; Hartford Funds expands RIA sales and business development teams; BNY Investments names Germano as COO; and more.
David Gillman Joins Absolute Capital as Regional Vice President
Absolute Capital has hired David A. Gillman as regional vice president, where he will be responsible for managing and growing the firm’s RIA relationships.
In this role, Gillman will support independent RIAs as they use the firm’s Workplace Investment Navigator platform for the integration and direct management of held-away client assets in 401(k), 403(b), 401(a) and 457 plans.
Gillman most recently served as relationship manager for more than 300 RIA firms and thousands of financial advisers in the tax-exempt employer plans marketplace at Fidelity Investments. Gillman also worked on the development and rollout of self-directed brokerage accounts for retirement plans.
Hartford Funds Expands RIA Sales and Business Development Teams
Hartford Funds, Hartford Funds promoted four individuals within its sales team.
Jen McFarland and Pat Coyle, adviser consultants at Hartford Funds, have been promoted to divisional sales managers.
In support of the firm’s overarching growth goals, Hartford Funds is also building out a dedicated RIA Sales Team and a Business Development Consultants (BDC) Team. As Head of RIA Sales, Curtis Ranta will be responsible for increasing the breadth and depth of client relationships and will oversee a sales force focused specifically on this channel.
Taking on the role Head of Business Development Consulting, Chris D’Angelo will oversee a dedicated group of hybrid wholesalers—for which Hartford Funds is actively recruiting—who will be responsible for broadening the firm’s presence throughout the country and expanding its network of financial professionals.
“Our culture is one that prioritizes career development and advancement opportunities for our teammates, and we’re thrilled to be promoting four deserving individuals to new roles of increasing responsibility,” said Jon Mackay, head of distribution at Hartford Funds.
BNY Investments Names Germano As COO
Michael Germano has joined BNY Investmentsas chief operating officer.
According to Germano’s LinkedIn, he is “responsible for commercial and investment operations, data and reporting operations across Mellon, Dreyfus, BNY Advisors, Newton, and distribution activities in North America, EMEA, and APAC.”
Germano moves to BNY from Newton Investment Management Group, where he was global chief operating officer for two years.
According to FundFire, Germano’s new role replaces the chief business officer title previously held by John Miller before he was promoted in January to COO of BNY Investments and Wealth.
Alston Announces Departure from Employees’ Retirement Fund of the City of Dallas
Cheryl D. Alston, executive director of the Employees’ Retirement Fund of the City of Dallas, is leaving ERF after 20 years of service.
“Cheryl and her team have provided stable, responsible and creative leadership through two recessions and numerous economic challenges over the past twenty years. Thanks to her leadership the fund has reduced future liabilities by $2.5 billion and is on the path to being fully funded,” said ERF Board Chair T. Dupree Scovell, in an announcement. “There will be a smooth and seamless transition in leadership.”
The board has appointed Deputy Executive Director David Etheridge, who has been in that role since 2010, as the acting executive director. Etheridge coordinated efforts with the ERF Board and Dallas City Council that led to the recent passage of Proposition A, which allowed for additional city and employee contributions to the plan to meet state requirements, according to the announcement. Plan A, which was overwhelmingly approved by Dallas voters, also allowed Dallas the opportunity for a more favorable amortization rate that will save an additional $150 million over 10 years.
