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Investment management team

The Investment Management Team covers the entire Real Estate capital structure, permitting informed assessment of relative value and access to transactions and allowing the Investment Manager to consider debt at all levels of the Real Estate capital structure

Its members have extensive experience in the structuring, execution and management of term securitisation transactions involving many types of assets, including portfolios comprised of traditional asset classes such as commercial and residential mortgages, and consumer finance assets such as credit card receivables and other loans. This experience includes asset portfolios across multiple jurisdictions, focused primarily on Europe and the United Kingdom. The team has particular expertise in commercial and residential mortgage-backed securities and loans.

Ravi Stickney joined Cheyne in 2008 and is a partner and Head of Cheyne’s real estate business. He has 16 years’ experience in the real estate debt markets. Previously he was on ING Bank’s proprietary investments desk (2005 to 2008), with sole responsibility for managing a €400 million long / short portfolio of European commercial real estate loans and CMBS. Prior to that, he was at Lehman Brothers (2002 to 2005), structuring and executing UK and European CMBS/RMBS and commercial real estate mezzanine loans. He began his career on the UK commercial real estate desk at Ernst & Young (1998 to 2002). Ravi is a qualified chartered accountant and holds a Masters in Engineering from Cambridge University.

Richard Lang is Business Manager of the real estate desk, and is a partner at Cheyne having joined in 2007. Before joining Cheyne, Mr Lang worked at Barclays Capital, and prior to that was at Deutsche Bank where he was responsible for the controlling of the Commercial Mortgage Backed Securities and Securitised Products businesses. Before that he worked in management roles within the fixed income areas of RBS and Paine Webber. He is a Fellow of the Institute of Chartered Accountants in England and Wales, having qualified as a chartered accountant in 1999.

Arron Taggart has over 20 years’ experience in the real estate markets. He joined Cheyne in August 2012 to originate real estate loans in the UK and Northern Europe. Prior to Cheyne, Arron was a Property Specialist and Partner at Clydesdale Bank responsible for the origination and execution of real estate loans in London and the South of England. He was also responsible for the management of the loan portfolio and setting regional strategy. Prior to Clydesdale Bank he was at Bank of Scotland and Hitachi Capital.

Daniel Schuldes has over 10 years’ experience in the European real estate debt and ABS markets. He joined Cheyne in 2007 and specialises in the origination, structuring, negotiation and execution of German real estate credit transactions. He was previously an associate on Credit Suisse’s asset finance team in London, which was responsible for originating and structuring the bank’s European securitisations. He focused on fundamental analysis of RMBS collateral.

Raphael Smadja joined Cheyne in January 2014 and has 10 years’ experience. Prior to Cheyne, he was an Associate Director in Real Estate Finance at Deutsche Pfandbriefbank, responsible for sourcing and structuring commercial real estate loans across Europe. Prior to that, he held positions within the Real Estate Finance and CMBS space at Moody’s, UBS and Morgan Stanley.

Sa’ad Malik is Head of Structured Credit with the real estate team. Prior to Cheyne in 2016, he founded Rhino Investment Management LLP in 2011, an FCA-authorised boutique investment and advisory firm, active in the European commercial real estate market. Among his responsibilities were strategy, origination, client management, structuring and execution. He previously worked for Lehman Brothers International (Europe) in 2004, and Credit Suisse Securities (Europe) Limited in 2005 where he was Director in their European Real Estate Finance & Securitisation area, and had a central role in building the Titan Europe CMBS platform. Sa’ad started his career in 2000 with Commerzbank Securities in Asset Backed Finance.