Oakwood Global Finance LLP has acquired Vesta Asset Management, an integrated Spanish loan servicing and asset management platform.
This acquisition expands the scope of Oakwood’s European coverage to cover the three of the largest non-performing loan markets: UK, Ireland and Spain.
Vesta currently manages 65,000 individual loan accounts with a combined value of €500 million ranging from residential mortgages to unsecured charged off consumer loans. Following the acquisition of Vesta, Oakwood group assets under management exceed €3.5 billion.
Lucas Pico, the managing partner for Oakwood’s Spanish operations, has been appointed as CEO of Vesta.
James Bamber, partner at Oakwood, said: “Spain is a key strategic initiative for Oakwood. Partnering with Lucas and acquiring Vesta provides Oakwood with a very strong base to provide outcomes-focused asset management services to investors acquiring unsecured, residential and commercial real estate loans portfolios in Spain and banks looking for a better and more effective management of the value in their loans books.
“The company will continue to expand its debt collection, portfolio management and master servicing capabilities in consumer finance and significantly expand its residential mortgage servicing operations where Oakwood’s success in the UK has been a key driver of growth with 13 transactions completed in the past 36 months totalling in excess of GBP1.5 billion.”
Picó added: “I am delighted to have joined Oakwood and lead its development in Spain. The accumulated experience of the company and its partners combined with my previous experience in establishing and growing a greenfield debt management platform will provide us with a unique competitive edge in the market.
“I have no doubt that the technology and other infrastructure enhancement that we intend to implement will provide the basis to significantly scale up the platform in a short period of time and offer best in class services to Oakwood´s clients in Spain.
“The market needs a post financial crisis loan management model and I believe we will deliver this to the Spanish market.”