Mitsubishi UFJ Financial Group (MUFG), announced it has taken a significant step in enhancing its Asset-Based Finance (ABF) business in the Americas by hiring Edward Gately as a Managing Director to lead the group.

MUFG’s ABF franchise specializes in formula-driven revolving lines of credit, and term loans based on eligible assets including accounts receivable, inventory, equipment, and owner-occupied real estate. A unit of MUFG’s Investment Banking group, ABF provides flexibility for rapid growth, acquisitions, and turnarounds for commercial and corporate clients.

Gately will report to Jon Lindenberg, MUFG’s Deputy Head of Investment Banking for the Americas.

“Adding Ed to MUFG’s investment banking team will provide a tremendous boost to our asset-based finance business, while enhancing our relationships across the bank’s broad client base,” Mr. Lindenberg said. “Ed brings the right blend of skills, experience, and passion that are necessary to effectively lead this critical product area.”

Gately joins MUFG after 12 years at HSBC Bank USA, where he was head of the Asset-Based Lending business. While at HSBC, Mr. Gately was responsible for a national specialty lending business with $8 billion in commitments, and $90 million in annual U.S. revenues.

Before HSBC, Gately spent nearly 20 years with Bank of America and one of its legacy institutions, Fleet Bank. In his most recent position at Bank of America, he managed a specialty lending unit with more than 50 employees, $2 billion in commitments, and over $30 million in annual U.S. revenues.

Gately holds a B.S. degree in accounting and finance from Providence College.