Solent's Mainsail Ii Appoints Kpmg As Receivers

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LONDON (Reuters) - Mainsail II, a debt vehicle set up by British hedge fund Solent Capital Partners LLP that was forced to wind down due to the subprime mortgage crisis, has appointed KPMG as receivers, KPMG said on Friday [April 4].

Mainsail II is a so-called SIV-lite, a structure that uses a mixture of short-term funding and medium-term notes to invest in a portfolio of asset-backed securities. These structures ran into trouble last year as funding dried up and the market value of their investments fell sharply. SIV-lites in particular faced problems as they were heavily exposed to U.S. mortgage-backed bonds.

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Solent's Mainsail Ii Appoints Kpmg As Receivers

Mainsail II's portfolio is heavily concentrated in ...

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