Gerard Nation, the former Morgan Stanley Loan Servicing director, has returned to the private sector after a government role to join Clarence Dixon and Paul Lewis at CBRE Loan Servicing, completing a new look senior management team.
Nation, who left Morgan Stanley in 2009 to take up a role for the government’s efficiency and reform group, takes up the role as head of primary servicing, while Paul Lewis, who has worked at CBRE for 15 years and in the Loan Servicing division since its launch in 2009, is prompted to head of special servicing.
Prior to Morgan Stanley, Nation was one of a small team which established Capmark Financial.
Former Hatfield Philips managing director, Clarence Dixon, has also joined as chief operating officer, as has been much-trailed. Ron Coggle, who joined Cerberus last week, was previously linked to the role.
Dixon heads up the 15-strong CBRELS team with a mandate to grow the business, which currently comprises £11.6bn worth of European commercial real estate loans, including £8.9bn in primary servicing and £2.7bn in special servicing.
Dixon will report in Philip Cropper, managing director, real estate finance at CBRE, and effectively replaces Paul Lloyd, who left last October to set up a new European real estate loan servicing platform with Mount Street Capital partners Ravi Joseph and Bill Sexton for Greenfield Partners and Raith Capital Partners.
Lloyd starts next month.
CBRELS also manages a number of mandates advising on loan syndications, debt funds, loan book acquisitions and work out strategies.
Philip Cropper, managing director, real estate finance, CBRE said: “Loan servicing is a core part of our Real Estate Finance offer and we fully recognise the importance of debt expertise in the current market place.
“There is a growing need for independent loan and special servicers who can effectively manage non-performing loan books being sold by banks seeking to deleverage their balance sheets; new entrants into the debt market such as the large insurance companies; and debt funds currently raising equity, many of which are looking to outsource loan administration and management.
“In the longer term we expect to see a return of the CMBS market and this will bring a need for independent servicers with the insight and expertise to manage risk and ensure there is a strong surveillance of the loan as well as the assets.
“These two new appointments reflect this. The combination of Clarence and Gerard’s experience in growing a business and creating a market leading platform is unquestioned, and a significant step forward in our continued development of CBRE’s European loan servicing business.”