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March 14, 2002
Tranquilmoney Introduces Cortex™ Software for Structured Finance
March 14, 2002, New York, NY -- Dunrobin Capital, an investment banking firm, announced a partnership with Tranquilmoney, Inc. Under the terms of the partnership, Dunrobin will use Tranquilmoney’s CortexÔ software platform to enable loan pool tracking across assets from multiple banks and financial services firms and provide real-time online investor reporting to buyers of such pools in the secondary market for bank loans and securities.
"Cortex is a unique collaborative pooling application. It is the only platform we found that can achieve what we need," said Paul McGill, Managing Director of Dunrobin Capital, a group of principals who have come out of the CIT Group. "Being a 100% Internet-based solution and one that handles all asset classes seamlessly, Cortex provides us with the flexible structuring and reporting needed. We believe Cortex will be a significant tool in future collaborative lending projects we will be involved in."
Harpal Maini, President of Tranquilmoney, added, "We are meeting a need of the structured finance industry. The Enron troubles have created an exploding demand for a system that can provide investor reporting and drill down analysis on structured deals. Cortex enables detailed electronic reporting even in complex multiple entity structures such as the ones Enron created. It provides the necessary technology tools to enable bankers to disclose more."
Dunrobin Capital joins a “who’s who” of Wall Street banks that are in the process of piloting and evaluating Tranquilmoney’s structured finance platform. Structured finance itself has been the one sector of financial services that has been growing spectacularly through the economic downturn.
In the words of Fed Chairman Alan Greenspan, "Both deregulation and innovation in the financial sector have been especially important in enhancing overall economic resilience. New financial products--including derivatives, asset-backed securities, collateralized loan obligations, and collateralized mortgage obligations, among others--have enabled risk to be dispersed more effectively to those willing to, and presumably capable of, bearing it. As a consequence of increased access to real-time information and, more arguably, extensive deregulation in financial and product markets and the unbundling of risk, imbalances are more likely to be readily contained, and cyclical episodes overall should be less severe than would be the case otherwise."
Securitization creates a level of complexity that is not automatically transparent to investors. “Tranquilmoney’s technology provides the transparency necessary to monitor and analyze complex securitization deals. Increased transparency leading to dynamic investor reporting is the key to generating sufficient liquidity,” said Karun Phillip, Chairman of Tranquilmoney. “The Cortex system handles the data flowing in from the asset servicer to the investors via the financially engineered structure. This straight-through capability, combined with the Internet architecture and an innovative structuring language that allows a single platform to model any number of asset classes, makes Tranquilmoney’s patent-pending technology a key part of the future of the rapidly expanding market for structured finance.”
About Dunrobin Capital: The Dunrobin Capital Group (http://www.dunrobincapital.com) is a Toronto, Canada based investment banking group focused exclusively on the corporate lending programs of North American financial institutions. Since 1990, Dunrobin’s team has been involved in joint venturing with major financial institutional partners, structuring intricate M&A programs between lending groups, and has been successful in creating new lending channels that expands the way their clients deal with unique asset classes. The principals of Dunrobin Capital have developed institutional lending programs for, and partnered with, a number of prominent financial institutions, including Bank of Montreal (TORONTO: BMO), Clarica Life Insurance Company (TORONTO: CLI-T), Farm Credit Corporation, GATX Corporation (NYSE: GMT), Newcourt Credit Group, USBancorp Piper Jaffray (NYSE: USB), and Wells Fargo (NYSE: WFC).
About Tranquilmoney:
Tranquilmoney, Inc. is a New York-based company providing Net-hosted software to enable the securitization of financial assets on the Internet. Through patent-pending XML-based technology, Tranquilmoney provides a vertically integrated deal servicing, structuring and monitoring platform for the originator, issuer, servicer, structurer, trustee, rating agency, and deal investor, enabling the democratization of securitization. A white paper on Cortex and its role in the structured finance industry is available for download at http://www.tranquilmoney.com
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