Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Speech clouds in the center of a people circle. Discussion processes in a team or community. Collaboration and cooperation, participation in a meeting. Business negotiations. Share opinion, diplomacy
September 17 2020

PSSL begins discussions on ‘transition’ to Waterfall as investment manager

Marc Shoffman Industry News, News, Top 3 Honeycomb, Pollen Street Secured Lending, Waterfall Asset Management

Pollen Street Secured Lending (PSSL) has confirmed it has started discussions with Waterfall Asset Management about taking over the running of the alternative finance-focused fund.

It comes as Waterfall is still considering a separate cash offer to acquire the investment trust and has had several extensions to the deadline as it continues its due diligence.

Waterfall currently has until 5pm on 6 October to make an offer.

A monthly update from PSSL said the fund incurred £0.6m of costs associated with the possible offer during July.

Read more: Honeycomb rules out merger approach for PSSL

The investment trust is currently managed by Pollen Street Capital (PSC) but its management agreement was terminated earlier this year as the board was unhappy about a perceived lack of co-operation with the Waterfall offer, a claim denied by PSC.

Waterfall has since been appointed as a preferred successor that would manage a wind-down of the fund or alternatively it may acquire the fund if it makes the cash offer.

PSSL’s monthly update said it has started discussions with Waterfall to “assist in the transition.”

Read more: What is going on at Pollen Street Secured Lending?

The update revealed the investment trust’s net asset value return for July was 0.39 per cent, pushed down by the Waterfall costs and cash reserves being built up during the pandemic.

It said the underlying portfolio remained resilient.

PSSL is currently trading on a discount to NAV of 10.5 per cent.

Assetz Capital forecasts rise in defaults and recoveries due to Covid-19 RateSetter unveils new board following Metro Bank sale

Related Posts

Plant Growing Out Of Coin Jar On Table In Office -  Investing / Business Success Concept

Industry News, News, Top 3

Abundance Investment working on “new opportunities”

Model Houses Hanging By Strings

Industry News, News, Top 3

LendInvest bond value lost £5.8m during pandemic

Sonnenuntergang hinter den modernen Wolkenkratzern der Skyline von London, Großbritannien

Industry News, News, Top 3

Everything we know about the CBILS successor scheme (so far)

Popular posts:

  • FCA lumps P2P lending in with higher risk products again
  • 4th Way gives its views on Zopa and Funding Circle returns
  • UK operations help Funding Circle push for profit in…
  • Investors ready to put more money into P2P lending
  • CrowdProperty unveils board changes and hunt for CFO
  • RateSetter outlines benefits of debt consolidation loans
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by