Citco appoints Elaine Furnari to lead Loan Servicing Business
Citco has appointed Elaine Furnari as Head of Loan Servicing at Citco Fund Services (USA) Inc.
Furnari will manage the expansion of Citco’s loan servicing offering and joins after nine years as Senior Vice President and Head of Commercial Loan Support at HSBC.
Citco is a leading provider of alternative asset servicing, with extensive expertise in credit and private debt. The market for private debt has grown and investors are allocating to fixed income strategies through larger, more complex loan portfolios. To meet this growing demand, Citco is expanding its existing loan servicing business to offer a holistic solution that will simplify the management and reporting of syndicated and private credit instruments.
Appointing Furnari as Head of Loan Servicing comes as part of dedicated expansion efforts to provide a fully built out, quality assured and standalone solution. With proven expertise in global leadership, operations management and leveraging technology innovation, Furnari will be responsible for increasing the capabilities of what is already an industry-leading loan administration platform.
“Investing in our loan servicing capabilities to offer a dedicated solution is not only evidence of Citco directly addressing client needs and demand, but also highlights our commitment to expanding our capabilities organically, as opposed to through acquisitions,” says Michael Peterson, Head of Capital Markets at Citco. “We are very pleased to have Elaine lead what has now become a standalone business, given her proven background and unique skillset which will help us drive innovation and shape service offerings that are increasingly popular with our global private debt clients.”
Prior to joining Citco, Furnari spent nine years as Head of Commercial Loan Support for HSBC, where she managed a portfolio of approximately USD19 billion in commercial real estate loans. Furthermore, Furnari held the title of Senior Vice President and Director of Loan Operations at Capmark Bank, where she was responsible for data reporting, transaction management and loan administration, and was also Vice President at Capmark Finance Inc.
“The market for outsourced commercial loan servicing solutions today is in many ways underserved,” says Furnari. “As one of the world’s largest and most innovative asset servicers, joining Citco promises an excellent opportunity to create customised client offerings and truly be a creative solutions provider. I look forward to further building upon Citco’s successful track record and bridging the loan servicing gap within the private debt industry.”