Capstone rebrands as Acenden and offers services to the wider market

5 July 2010 | By Robert Thickett

Capstone, the UK mortgage servicing division of Lehman Brothers prior to the collapse of the US investment giant in September 2008, is rebranding as Acenden.

When Lehmans went under its administrators initially put Capstone up for sale.

But after the firm’s management team put together a business plan the decision was made to keep it going as a separate company.

Previously, the unit only serviced the sub-prime mortgage assets of Lehmans’ UK brands Southern Pacific Mortgage Limited, Preferred Mortgages and London Mortgage Services.

But with today’s rebrand Acenden is offering its services to other firms in the industry.

Martin Frazer, commercial director at Acenden, says: “The name of a company should represent the spirit, ethos and culture of the business, and that’s what we think Acenden does.”

Acenden’s chief executive officer is Amany Attia who, before the investment company’s spectacular collapse, headed up the securitisation and mortgage origination operation for Lehman Brothers Europe.

Jeff Lundgren, formerly chief financial officer at GMAC-RFC, is Acenden’s CFO.

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