NexCen Selling MBS Portfolio

NexCen Brands Inc., New York, has announced that it plans to sell its mortgage-backed securities portfolio and exit the MBS business.One security was sold and settled on Oct. 31, and the remainder will be sold pursuant to forward-sale arrangements that are slated to settle on Nov. 21, according to the company. "Total proceeds from these MBS sales, exclusive of accrued interest and prepayments already received in October, and including any prepayments to be received in November 2006, will be approximately $78 million," NexCen said.