A new way forward for loan and debt servicing

Management

Sponsored by GLAS

Mia Drennan, Founder and CEO, GLAS

Since the global financial crisis, more providers are emerging to replace outdated financial processes. The business loan and debt servicing market is no different.

Once dominated by the major financial institutions, a number of independent, commercially focused, solution-driven loan agencies now make up a large part of this sector.

One of these independent providers, trusted by pre-eminent institutions around the world as the market’s leading loan agency, is GLAS. Founded by Mia Drennan and Brian Carne in 2011, GLAS was created to seize the opportunity created by the global financial crisis, and to fill the need for an independent, conflict-free player in the market.

Over the past 15 years, the growth of the alternative credit market has gone hand-in-hand with the growth of companies such as GLAS, as new types of lenders have stepped in where banks have stepped out.

GLAS has been at the forefront of this, by putting excellent client service at the heart of its business strategy – for example, with the introduction of market-first efficiencies such as 24-to-48-hour KYC and bespoke technology.

Before GLAS, these types of deals were typically handled by the back-office teams within large banks, meaning the time it takes to complete a transaction is now a fraction of what it once was.

Issues are handled immediately; a global team is able to provide 24/7 service to clients, and local experts are in all major financial markets – ensuring GLAS can go the extra mile to support its clients.

The business now has over $650 billion of assets under administration, and works with many of the world’s leading law firms, financial institutions and debt funds.

But like any disrupter in the market, carving out this niche has required time and effort, as GLAS continues to re-educate the market on how things can be done differently.

After stepping away from her role at a major American bank, and with £6,000 of start-up capital, it took Mia 400 meetings for GLAS to be trusted to work on its first transaction.

Those meetings involved showcasing why an independent agency partner can be different to the antiquated service offered by the banks, with many companies unwilling to move away from the traditional, cumbersome processes.

But after the first deal, the floodgates opened.

By the end of 2012, the business had grown substantially and was then mandated to manage the multiple billion-pound winddown of the Yellow Pages.

With 600 lenders around the world, this transaction put GLAS on the map as the market’s leading provider of debt administration and trustee services, a position it has maintained ever since.

With three acquisitions, multiple industry-first expansions into new jurisdictions, and significant investment in technology, licences and certifications, what was once a new way of doing things is now the market’s preferred partner to administer debt.

But, with Mia still at the helm, the business isn’t sitting still.

In keeping with its original vision, GLAS’s worldwide team continues to look for new opportunities to support its clients and identify new technologies that can continue to transform processes.

From a small start-up to a global disruptor, GLAS continue to push forward new ways to do business.

To find out more information about GLAS, visit glas.agency.

GLAS is the world’s leading provider of debt administration and trustee services, with over $650 billion of assets under administration.

With the world’s largest independent agency team and local knowledge in each location, GLAS is the market’s preferred partner for managing the world’s biggest transactions across the capital markets.

Underpinned by a suite of bespoke technology portals, award-winning client service and a range of services developed exclusively for the debt market, GLAS’s global team are expertly positioned to execute on even the most complex transactions.