Mount Street has finalised the acquisition of Morgan Stanley's £4.5 bn (€5.5 bn) loan mortgage servicing (MSMS) business, bringing its loans under management to £8bn.
Mount Street has finalised the acquisition of Morgan Stanley's £4.5 bn (€5.5 bn) loan mortgage servicing (MSMS) business, bringing its loans under management to £8bn.
Financial details were not disclosed.
MSMS was founded in 1998 and was responsible for Morgan Stanley’s ELOC Commercial Mortgage Backed Securities Business. The MSMS team is located in London and Frankfurt, and provides servicing on loans in the UK, France, Germany, Italy, the Netherlands, Belgium and Switzerland.
The deal will double Mount Street's managed portfolio in Europe and its staff in the UK and Germany.
'Servicing is a very important part of what drives the performance and return on these loans, and Mount Street’s core objective is to bring a higher standard of professionalism and client service to this sector,' said Ravi Joseph, chief executive of Mount Street.