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Article: GMAC Merges Pair of Units.(Brief Article)
- Article from:
- American Banker
- Article date:
- June 21, 2005
- Author:
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GMAC Commercial Holding Corp. of Horsham, Pa., has combined two subsidiaries into a new merchant banking division.
Last week the General Motors Acceptance Corp. unit said that last month it had merged Commercial Ventures in New York with the structured products group of Newman Financial Services of Denver.
GMAC Commercial put Jonathan Kaye, an executive vice president, and Nick Cassino, a managing director, in charge of the merchant banking division, which has about 25 employees.
Commercial Ventures focused on "out-of-the-box-type deals," Mr. Cassino said. It does fewer deals than its Denver counterpart, but the New York unit's deals are ...