The Burrell Group’s first initiative was to establish an actively managed investment vehicle, (The Term Asset Loan Facility Credit Opportunities Fund (i.e. “The TALF”)). This vehicle was designed to participate in the economic recovery program created by the U.S. Federal Reserve to spur consumer credit lending. The TALF program was announced on November 25, 2008 and was designed to support the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.
Under TALF, the Federal Reserve Bank of New York authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. In the role of CEO and Co-Chief Investment Officer, The Burrell Group was a select group of qualified firms to participate in the program and successfully acquired and sold over $2bn in ABS securities through the TALF program. The Burrell Group’s involvement in The TALF program was over a 3-year period.