Consulting firm Ankura launched Ankura Trust, a newly formed New Hampshire-chartered non-depository trust company which will specialize in providing successor indenture trustee and loan agency services in distressed and default situations. David Sawyer will lead the new venture as CEO with James McGinley in the position of COO.
“We are committed to creating value for clients by applying a principal’s mind-set to proactively help devise and execute their strategies. As a former principal investor, I understand the frustration created by the often passive and noncommercial approaches taken by some indenture trustees and, more importantly, the erosion of value that can be caused as a result. Our plan is to be a different kind of trust company — one that uniquely combines a client-centric approach of understanding our clients’ objectives with the skill sets and experience to successfully achieve them,” Sawyer said.
“With the formation of Ankura Trust, Ankura moves beyond consulting and continues to expand our relevance to our clients. David, Jim, and the team bring a fresh perspective to the indenture trustee and loan agency marketplace, which will allow Ankura Trust to create value and optionality for investors in restructurings,” said Kevin Lavin, Ankura co-president.
Sawyer joined Ankura in January 2017 after more than seven years at Barclays, where he was the global head of the Portfolio, Counterparty Credit and Workout Group. There, he managed more than 150 people and $6 billion of distressed principal positions, including post-restructured equity. Sawyer has more than 25 years of experience in global financial markets, including roles in the distressed debt and restructuring arena as an investor and senior lender at a hedge fund, in addition to his role as the global head of the workout and restructuring group at Barclays.
McGinley brings decades of experience in relationship management, corporate trusts, liquidating trusts and restructurings, where he has significant experience working with bondholders in distressed situations and Chapter 11 cases.