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 securities.
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)