Judith Sciamma is the CEO and CIO of WyeTree Asset Management, a London-based structured credit boutique focusing on the Residential Mortgage Backed Securities (RMBS) market.
In this Opalesque.TV interview, Judith provides an update of the European RMBS market and highlights the key differences compared to the US non-agency market.
While in both regions house prices have declined and markets are still very distressed, the similarities are not that straight forward.
For example, the US non-agency market still includes sub-prime while most of Europe is prime, with very little sub-prime issuance. Also, with EAFSM and LTRO coming into effect only in 2011, Europe significantly lags the US and provides significant investment opportunities. However, understanding European RMBS market still requires a hands-on investment approach. In addition, the lack of data in Europe favours the professional investors on the ground. The key areas discussed during the interview include:
- Why the UK is different from the US and also European markets
- Important structural differences between US and European RMBS
- The importance of understanding the cultural differences in order to invest in Europe
- A “country by country story: Europe’s past and present economic landscape
- Now is an opportune time to enter the market
- The future landscape of European RMBS
Judith Sabbah-Sciamma is Chief Executive Officer/ Chief Investment Officer and Portfolio Manager of WyeTree Asset Management. Mrs. Sciamma has over 15 years of portfolio management and asset analysis experience. She joined WyeTree in September 2007 to launch the residential asset and ABS platform. Prior to joining WyeTree, she was Portfolio Manager and Head of the ABS team at Solent Capital (London), Senior ABS analyst and ABS trader at IXIS CIB (London), Fund manager of structured products and securitization at ODDO Asset Management (Paris). She was a founding member of Equigest Asset Management (Paris), and asset manager at Prigerance (Paris), a subsidiary of Dexia Banque Privée.
She holds a degree from ENSAE M' from the department of Statistics, Economics and Mathematics.
[less]
Judith Sciamma is the CEO and CIO of WyeTree Asset Management, a London-based structured credit boutique focusing on the Residential Mortgage Backed Securities (RMBS) market.
In this Opalesque.TV interview, Judith provides an update of the European RMBS market and highlights the key differences compared to the US non-agency market.
While in both regions house prices have declined and markets are still very distressed, the similarities are not that straight forward.
For example, the US non-agency market still in
...more