Demica, a specialist provider of working capital solutions to multi-national companies, has appointed Tim Davies as its new head of origination in Europe, the firm announced.
Davies will play a role in levering Demica’s technology platform to take advantage of the emerging opportunities in trade receivables finance, the firm said. The technology and reporting services provider facilitated the funding of $50 billion of receivables from 130 countries for clients in Europe, North America and Asia in 2014. Demica, based in London and opening an office in the US shortly, helps companies structure and execute working capital funding programmes of $25 million to $750 million and has partnerships with 35 banks and large institutional investors to fund the programmes. In August last year, the firm was acquired by three financial institutions, understood to be private equity firms.
Davies will be responsible for opening new customer relationships, originating, structuring and placing structured finance and securitisation transactions and also help Demica’s clients optimise their working capital positions.
Davies has a mandate to grow Demica’s origination team in Europe and will report directly to Demica’s chief executive officer Matt Wreford. The firm is currently based in London and has an office opening shortly in the US.
Formerly head of Lloyds Bank’s asset backed solutions conduit and balance sheet team in London, Davies has almost two decades of experience in capital markets securitisation and structured finance. During his tenure at Lloyds, he was responsible for originating and structuring transactions for multinational and regional clients. Prior to that, he spent five years as securitisation and structured finance senior director at Royal Bank of Scotland, covering the UK, France and Benelux countries.
“The receivables finance world is evolving in response to changes in traditional lenders’ behaviour and particularly in reaction to regulatory changes in the capital markets,” Davies commented in a statement. “My role will be to lever Demica’s platform and privileged market position to help our clients optimise their working capital positions and identify new sources of funding through innovative asset-backed structures,” he added.
Wreford continued: “Tim’s appointment will further extend Demica’s ability to provide our customers with optimised working capital solutions, ranging from invoice discounting and factoring to receivables securitisation and asset backed loan programmes to supply chain finance.”