Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors

Pagaya : Announces Second-Ever $100 Million ABS Fully-Managed By AI

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/03/2019 | 07:30am EDT

Pagaya, a global financial technology company using artificial intelligence (AI) to reshape asset management, today announced its second $100 million asset-backed security (ABS) to be actively managed by AI, led by structuring agent Cantor Fitzgerald. This comes on the heels of Pagaya announcing the first-ever ABS fully managed by its AI in February 2019.

Pagaya has proven AI can scale within traditional finance, growing to $650 million assets under management since its founding in 2016, including a $100 million debt-financing deal with Citi Bank. The company is using AI to raise the standard return for low-risk investments, consistently out-performing incumbents.

"We've proven our AI can create huge opportunities for institutional investors and we’re excited to continue enabling its adoption," said Ed Mallon, Chief Investment Officer at Pagaya. "What we're doing in the ABS market is just the beginning."

For this ABS, Pagaya’s AI will analyze millions of data points to select and purchase individual loans rather than package a pool of previously assembled assets based on one to two data points. Pagaya will provide active portfolio and risk management to the vehicle. The velocity of a second deal in a three-month-span proves that there is market receptivity to the unique structure and active management.

“Pagaya has created one of the most relevant applications of AI in the credit space which really stands out — we’ve seen strong demand over the past two deals,” said Marshall Insley, Co-Head of Structured Products at Cantor Fitzgerald. “It has been a pleasure to work with them on this transaction, and we look forward to more collaboration in the near future.”

Pagaya has a growing global investment team comprised of 40 high-caliber data scientists and AI experts, as well as ten finance specialists, including Mallon — a 20-year BlackRock veteran who joined Pagaya in 2018.


© Business Wire 2019
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Companies"
05:01aKT CORP. : Unveils Global Epidemic Prevention Platform in Ghana
PR
03:01aTOLL BROTHERS : to Begin Building in Berthoud Golf Community This Fall
AQ
02:32aQNB QATAR NATIONAL BANK SAQ : US Fed's “hawkish cut” offset by heightened trade tensions Read More...
PU
08/17CHINA BANKING : sees surge in loans to small, micro firms
AQ
08/17ZUORA : The Sneaker Wars Come to the Subscription Economy
PU
08/17CHEVRON : leading the future of energy with a lighter footprint
PU
08/17DTE ENERGY : Australian Investor Meeting August 2019
PU
08/17Ferrari will expand its lineup of road cars, but not too much
RE
08/1708/17/2019 – 18 : 147,770 residents of Itabira participate in dam emergency drill simulation completed
PU
08/17DEADLINE ALERT : Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Eros International Plc (NYSE: EROS) and Encourages Eros Investors to Contact the Firm
PR
Latest news "Companies"
Advertisement