About the authors

Author: | Published: 10 Oct 2001
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Asia overview

Paul Kruger

Clifford Chance

Based in Hong Kong, Paul Kruger is the Head of Clifford Chance's Securitization Practice in Asia and a member of the firm's Capital Markets Group. Paul was instrumental in the establishment of the firm's Asian Securitization Practice in Hong Kong in 1992.

Paul has extensive experience in the securitization of a variety of assets including mortgages, commercial property, auto loans, credit cards and bank loans in Hong Kong, the Philippines, Thailand, Indonesia, China and Korea. He has also been involved in advising regulatory authorities in Hong Kong and throughout Asia. He has significant experience in the acquisition and disposal of distressed and performing financial assets in Asia (including Korea, Thailand and Hong Kong).


Brian Salter

Clayton Utz

Brian Salter is one of the pioneers of securitisation in Australia and has over eleven years' full-time experience in this field. He is widely regarded as Australia's most senior and experienced securitisation lawyer.

Brian's expertise has been recognised by his peers in a number of industry surveys, including Euromoney's 1999 "Guide to the World's Leading Securitisation Lawyers", Euromoney's 1999 "Guide to the World's Leading Banking Lawyers", Chamber's 2000-2001 "The World's Leading Lawyers" (highest ranking), Euromoney's 2000 "Guide to the World's Leading Capital Markets Lawyers", Euromoney's 2001 "Guide to the World's leading Structured Finance Lawyers" and received the highest rankings in the Capital Markets and Banking & Finance sections of Global Counsel 3000's March review of Australian Lawyers.

Brian was a founding member, and is the current chairman, of the Australian Securitisation Forum, the peak body representing the securitisation industry in Australia. Brian is also the firm's representative on the Mortgage Industry Association of Australia. Brian is a frequent speaker on the law relating to securitisation.

Email: bsalter@claytonutz.com

Fran Rush

Clayton Utz

E-mail: frush@claytonutz.com

Fran Rush joined Clayton Utz in November 1999 and is a Senior Associate in our Property and Structured Finance Team. Fran has more than 10 years property and finance experience. Fran's experience is at both ends of finance transactions including:

  • negotiation and documentation of terms, facilities and securities;
  • restructuring facilities, specialist insolvency advice and enforcement acting for lenders, and customers and insolvency practitioners;
  • advising major corporate clients in relation to finance and lending related issues.

Fran's primary focus are asset and property structured transactions, including new property/asset classes such as the emerging carbon trading market.

Fran studied at the Queensland University of Technology, where she received a Bachelor of Laws (Honours).


Jonathan Zhou

Fangda Partners

Jonathan Zhou is a partner of Fangda Partners, a leading firm based in Shanghai, the financial centre of China. He has extensive experience of banking and finance transactions. He has frequently written on the topic of securitization in international professional journals over recent years.


Masanori Sato

Mori Sogo

Admitted to bar, 1990, Japan; 1994, New York.

The University of Tokyo (LLB 1988) and University of Chicago Law School (LLM 1993)
With Cleary, Gottlieb, Steen & Hamilton, New York (1993 to 1994) and Linklaters & Paines, London (1994 to 1995)

"Practical Issues Associated with Securitization of Financial Assets", 1995
"Restoring the Trust (re: Japanese version of RTC)", 1996
"Problems Regarding Issuance of Corporate Bonds", 1996
"Forefront of Financial Transactions (co-author with Professor Shindo)", 1996
"Securitization in Japan – Legal and Regulatory Updates", 1998
"Recent Trends in Japanese Securitization", 1999
"New Developments in Japanese ABS, CMBS and J-REIT", 2000
"Recent Trends in Japan: RMBS and Consumer Loan Securitization", 2001

Daini-Tokyo Bar Association; New York State Bar Association.

Member of the Financial Law Board of Japan (1998 ~).


Sean Bulmer

Simmons & Simmons

Sean Bulmer is a partner in the Financial Markets Department in Hong Kong.

He specializes in structured finance transactions, particularly securitization and structured securities programmes. He has extensive experience of Korean, Japanese and Hong Kong securities transactions.

Sean's recent work includes advising the Korea Deposit Insurance Corporation in connection with the $278million securitization by its wholly-owned subsidiary, Hanareum Mutual Savings & Finance Corporation, of loan and lease assets, and advising Korea Asset Management Corporation on its $367million securitization of non-performing loans.

He joined Simmons & Simmons in London in 1996 from Bankers Trust Company.

Paul Browne

Simmons & Simmons

Paul Browne is a senior associate in the Financial Markets Department in Hong Kong.

Paul has advised extensively on debt capital markets and structured finance transactions, with particular emphasis on securitization issues, involving a wide variety of different asset classes. Most recently, Paul worked on the Hanareum Mutual Savings & Finance Corporation securitization which closed in September this year.

Paul joined the Hong Kong office in November 2000, from Simmons & Simmons in London, where he qualified in 1994, and he has also spent periods on secondment with the legal departments of two investment banks in London.

New Zealand

Murray King

Bell Gully

BCom, University of Auckland
LLB(Hons), University of Auckland
1992, New Zealand

Contact Details
Direct Phone:
64 9 916 8971
Email: murray.king@bellgully.com

Murray King is a financial services partner in Bell Gully's Auckland office.

Examples of recent experience include acting for lenders and borrowers on a broad range of syndicated and bilateral lending transactions; advising the originator on the securitization of a pool of residential mortgages; experience in limited recourse infrastructure financing transactions including advising lenders on power projects and road projects; and experience in acquisition financing transactions.