Financial advisor to The Bank of New York
The Bank of New York to acquire Trotter Kent Inc., a specialty servicing company
December 16, 1998 (New York, NY) - The Bank of New York today announced that it has signed a definitive agreement to acquire the servicing activities of Trotter Kent, Inc., located in Bethesda, Maryland. The new organization will be known as BNY Trotter Kent and will continue to be headquartered in its present location. Terms were not disclosed.
Founded in 1988, Trotter Kent, Inc. is one of a limited number of companies that specialize in providing asset management, collection, reporting and analytic services, collectively known as special servicing, to arrangers and investors in sophisticated structured financing such as REITS, commercial mortgage-backed securities and asset-backed financing. Trotter Kent is rated by both Standard and Poor's and Fitch Investors Service.
The Bank of New York intends to utilize the Trotter Kent, Inc. platform to enhance its corporate trust services for issuers of sophisticated asset-backed and mortgage-backed securities. By adding this specialized servicing capacity to its complement of trust services, the Bank will offer issuers and arrangers a one-stop alternative for trustee, servicing and investor reporting services.
Mark F. Ferraris, senior vice president and senior manager for Corporate Trust Services at the Bank said, "The addition of Trotter Kent's specialty servicing to our wide array of trust and processing services offers our clients and their advisors a unique opportunity to streamline their financing. This transaction when combined with the Bank's commitment to specialized trust and processing services will enhance issuers' abilities to meet the needs of their investors."
"By joining The Bank of New York family, we become significantly better positioned to serve our clients," commented Louis Trotter, president of Trotter Kent, Inc. He added, "The combination of services this represents creates a dynamic pipeline of cross-selling opportunities in the structured finance arena."