Cullinan Finance is a Structured investment vehicle (SIV) run by HSBC with total asset portfolio around $27 billion USD.
It was established in 2005. As of 2007 it was managed by a team led by Dominic Swan, who previously lead the SIV-rating department at Moody's.
It was notable for growing faster than any other SIV so far and is as of 2007 one of the six largest SIVs.
On 26 November 2007, HSBC announced that it would rescue two SIV's, Cullinan Finance and Asscher, by moving them onto its balance sheet and providing up to $35 billion.
Famous quotes containing the word finance:
“Imperialism is capitalism at that stage of development at which the dominance of monopolies and finance capitalism is established; in which the export of capital has acquired pronounced importance; in which the division of the world among the international trusts has begun, in which the division of all territories of the globe among the biggest capitalist powers has been completed.”
—Vladimir Ilyich Lenin (1870–1924)