Sunday 17 February 2019

Fexco taps former Gecas executive to head its new aviation division

Gerry Hastings. Photo: Tom Micks
Gerry Hastings. Photo: Tom Micks
John Mulligan

John Mulligan

Kerry-based financial services group Fexco has appointed former Gecas and AerCap executive Gerry Hastings as CEO of its new aviation unit.

Mr Hastings aims to make the unit the top global provider of aviation services to the aviation finance market. It is headquartered in Shannon, with an office in Dublin.

Most recently, Mr Hastings was managing director of US fund services firm Phoenix American Financial Services.

Fexco Aviation Services will perform cash management, administration and accounting services for aviation-related businesses. It will also provide managing agent services for aircraft and aircraft engine owning vehicles in the asset-backed securitisation sector.

Fexco muscled in on the aviation market in 2017 when it backed a new specialist aircraft leasing and asset management company, Airborne Capital, which aims to have at least $5bn (€4.4bn) of assets under management by 2022.

Natixis Investment Managers has a minority stake in Airborne Capital.

Last year, Airborne Capital entered a partnership with Luxembourg-based L1 Treasury to establish AltitudeOne Aviation, which with an initial $250m in capital aims to invest in narrow-body and wide-body jets. Airborne Capital acts as investment manager for AltitudeOne. L1 Treasury manages the liquidity and financial investments of LetterOne, an investment business with net assets of more than $25bn.

AltitudeOne will securitise cashflows from its leasing operation. An initial bond offer is expected this year. Ex-Credit Suisse structured securitisation executive Hari Raghavan joined Airborne last month.

Irish Independent

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