It’s official: a major shakeup occurred last month in the senior ranks at nonperforming loan investor Arch Bay Capital with CEO Shawn Miller parting ways with the company, according to sources close to the situation.
Also leaving the privately held firm was chief investment officer Steven Davis. To date, the two men have not returned telephone calls about the matter, nor has York Capital, which financed Arch Bay’s startup.
One source said the NPL investor promoted Bob Mattesky to chief investment officer of the Irvine, Calif.-based firm. Previously, he held the title of senior vice president. During his career he has worked at Barclays Capital and Citigroup.
Sources said the two men received a cash settlement when they left Arch Bay. Little is known about Arch Bay’s NPL investing activities but players in the market said the company has bought almost $1 billion of NPLs since 2009, including a $600 million portfolio of troubled mortgages from Wells Fargo & Co.
A year ago Arch Bay took a stab at starting a de novo mortgage company, but then pulled the plug on the idea after hiring several employees.
