Maitland acquires Steinway to become securitisations leader
Maitland has acquired 100% of Steinway Trustees (Pty) Limited, an independent trust company focused on trusteeship in securitisation structures.
The acquisition, for an undisclosed amount, takes effect from 31 August 2008. It will boost Maitland’s existing securitisations business, making it the market leader in providing independent trustees and directors to securitisation structures, structured financial transactions and collateralised debt programmes to the South African financial sector.
Steinway was established in 1999 as the first South African trust company dedicated to providing trusteeship services for securitisation structures. Its four executive directors are Peter Ditz, Don Guthrie, Dave Gibbon and Clive Beaver.
The Steinway executive management will remain in place and the business will be merged with Maitland’s trust and corporate services division. It will be run as a single business unit under the Maitland brand. Kurt van Staden, senior manager of Maitland, will head the merged business.
Don Guthrie, director and co-founder of Steinway, said: “Steinway has built a strong reputation among many of the South African banks and non-bank arrangers involved in securitisation, interacting regularly with the major rating agencies, investors and asset managers. We are confident that Maitland will maintain and develop the same level of service and we all look forward to being part of that process”.
Maitland has been active in the securitisations market since 2002 and provides services to a number of structures for leading South African banks.
Commenting on the acquisition, Veit Schuhen (pictured), COO of Maitland in South Africa, said “The acquisition of Steinway Trustees consolidates Maitland’s position in the securitisation industry. It reinforces the critical mass which has enabled Maitland to develop and deliver an enhanced service offering, which includes company secretarial, reporting and other administration services to the existing client base. It also provides the impetus for us to develop new securitisation services which are not currently available in the South African market.”
