Palisades to oversee Oaktree's mortgage assets
Banc of California’s (BANC) wholly-owned registered investment advisor subsidiary, The Palisades Group, entered into an agreement with certain entities owned by private investment funds and accounts managed by Oaktree Capital Management, a global investment management firm.
As a result, Palisades will serve as the credit manager for pools of single family residential loans held in more than 30 individual securitization trusts beneficially owned by Oaktree, representing over $3.2 billion of unpaid principal balance as of March 2014.
“With this agreement, the Palisades credit management and advisory business will oversee more than $5.2 billion in principal balance and 25,000 individual mortgage-related assets,” Stephen Kirch, CEO of Palisades, said.
“We are excited to partner with The Palisades Group and have Oaktree’s seasoned mortgage loan portfolio benefit from their team’s expertise in the residential mortgage credit sector,” said John Brady, global head of real estate for Oaktree.