Freedom Financial Asset Management, an Achieve company, named ABS Issuer of the Year in 2023 GlobalCapital US Securitization Award
SAN MATEO, Calif., June 8, 2023 — Freedom Financial Asset Management (FFAM), an Achieve company, was named ABS Issuer of the Year in the 2023 GlobalCapital US Securitization Awards for its management of Freedom Consumer Credit Fund (FCCF).
GlobalCapital’s US Securitization Awards recognize organizations that have been involved in the most innovative or challenging transactions in the 2022 calendar year; the quality of execution and structuring; investment, growth and progression in the business; and that stand out for the breadth and depth of their securitization franchises. FFAM was selected as a finalist in the ABS Issuer of the Year category alongside Affirm, Freddie Mac, Mosaic and Pagaya. The finalists and winners were determined by two separate rounds of voting by industry participants.
In 2022, FFAM managed the close of five FCCF-sponsored securitizations: three deals backed by a combined $840 million in Achieve Personal Loans ( formerly known as FreedomPlus loans); one deal backed by $205 million in Consolidation Plus personal loans; and an innovative, precedent-setting securitization backed by $175 million in newly-originated home equity lines of credit (HELOCs).
“The Federal Reserve’s dramatic reaction to record-high inflation resulted in an eventful 2022 for capital markets, which makes this recognition by GlobalCapital and industry voters especially rewarding to our team,” said Andrew Housser, co-founder and co-CEO of Achieve. “We’ve long believed in the value of programmatically accessing capital markets rather than trying to be market timers. We held true to this approach last year and despite less-than-ideal conditions, FCCF outperformed its three benchmark indices in 2022.”
FFAM is the investment adviser and managing member to Freedom Consumer Credit Fund. FCCF is a managed investment fund and the sponsor of asset-backed securitizations (ABS) on the ACHV ABS Trust (formerly FREED ABS Trust) and ACHM Trust (formerly FREED Mortgage Trust) shelves. Last year, FCCF was recognized as both the “Best Credit Hedge Fund Under $500 Million” and the “Best Structured Credit Hedge Fund” in the Hedgeweek US Awards 2022.
“2022 was a pivotal year for our organization, as we introduced the new Achieve brand and built on the success of our personal loan securitization platform with our new HELOC securitization program,” said Kyle Enright, President of Achieve Loans. “We appreciate the recognition of our industry peers and look forward to even more success in the years to come.”
Each of FCCF’s 2022 securitizations received a AAA rating from DBRS Morningstar, and the four personal loan deals also received AAA ratings from Kroll Bond Rating Agency (KBRA). ATLAS SP Partners (formerly Credit Suisse Securitized Products Group) served as the structuring agent and joint bookrunner of the Achieve Personal Loans deals, with Truist Securities and Jefferies also serving as joint bookrunners. Truist Securities served as structuring agent of the Consolidation Plus transaction, with Atlas SP Partners and Jefferies serving as joint bookrunners. Jefferies was the sole underwriter of the HELOC securitization.
FCCF has sponsored 17 securitizations since 2018, with cumulative issuance totaling over $4.8 billion. Personal loans originated by partner banks on the Achieve Personal Loans platform and HELOCs originated by Achieve Home Loans exceed $8 billion. Achieve and FFAM are owned by Freedom Financial Network Funding LLC.
Participation in the GlobalCapital US Securitization Awards is open to anyone active in the securitization market. Finalists were nominated by a vote of industry participants and a written submission. Category winners were determined by a vote of industry participants. Additional details about the award methodology is available here.
This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy any notes or any other securities issued pursuant to the securitizations discussed above and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes or any other securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (Securities Act), or the securities laws of any jurisdiction. Securities were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.
Achieve is the leader in digital personal finance. Our solutions help everyday people get on, and stay on, the path to a better financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer’s financial journey and include personal loans, home equity loans and help with debt. In addition, Achieve also provides financial tips and education, including a free specialized mobile app, MoLO (Money Left Over). Headquartered in San Mateo, California, Achieve has nearly 3,000 dedicated teammates across the country with hubs in California, Arizona, Texas and Florida. Achieve is frequently recognized as a Best Place to Work.