SUMMIT, N.J., Feb. 11, 2016 /PRNewswire/ -- Raymond Chandonnet, a well-respected longtime bank strategist, has launched Second Act Capital Partners, a new advisory firm focused on providing advice to banks and select Financial Technology (FinTech) companies. The new firm, which began operations in October 2015, was co-founded by Chandonnet, a former partner at Sandler O'Neill who has headed the bank balance sheet strategy effort at numerous firms over his 30 year banking career, including JPMorgan and Lehman Brothers, and Gerard Colaluca, himself a 30+ year banking industry veteran as a senior member of the treasury management team at BNY / Mellon.
According to Chandonnet, Second Act Capital's focus is twofold: They deliver targeted consulting expertise in financial, regulatory, and operational matters to banks, with a focus on balance sheet management – an expertise for which Chandonnet is renowned in banking circles. They also deliver advisory and business development services to companies (predominantly FinTech-related) seeking to introduce products and services to banks.
"Second Act fills a niche with our bank advisory practice," said Chandonnet. "There are relatively few options for banks seeking our level of financial, capital markets, accounting and regulatory expertise that don't require a transactional relationship of some kind. Our clients have frequently expressed a desire for independent qualified expertise, and the number of invitations we have received to present at industry conferences reinforces that." Chandonnet cited offering expertise on Dodd-Frank Act-mandated stress testing of Bank Owned Life Insurance assets, and hedging of mortgage servicing rights as examples of current engagements in his firm's bank advisory practice.
In the FinTech space, Second Act Capital sees an even greater opportunity to create value for banks. "Many banks are concerned that FinTech is 'out to get them' and don't realize, or have the resources to explore, the opportunities to partner with FinTech companies to improve their results," said Chandonnet. For their part, FinTech companies face challenges designing and delivering products to banks, according to Second Act Capital's principals. "As I saw during my years in bank treasury management, many companies seeking to sell products to banks haven't adequately considered all the regulatory, accounting, tax, risk management, and operational issues," said Colaluca. Chandonnet added that, "Many emerging FinTech companies don't have the relationships and marketing expertise in banking to successfully roll out products. Our firm addresses both the product design and business development issues."
Chandonnet cited work the firm is doing to connect banks with FinTech companies to improve results in the areas of customer foreign currency payments, retail deposit-gathering, asset-based lending, and Bank-Owned Life Insurance as examples of current engagements in his firm's FinTech business development practice.
Second Act Capital Partners is located in Summit, NJ and provides services to bank clients and FinTech companies across the United States as well as to foreign banks doing business in the U.S.
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SOURCE Second Act Capital Partners, LLC