October 2021 | Issue 239
Event
Manager Awards
CSAM regains best manager throne
Sam Robinson
Head of research
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around
Credit Suisse Asset Management took the Creditflux Manager of the Year title for a record third time as the Creditflux Awards returned in person to London’s Landmark Hotel on 8 September.
CSAM’s Manager of the Year wins span the 2.0 period, with the firm having first claimed the title in 2013. It is the second largest manager globally, with $34.6 billion in assets under management and strong entrants in the European CLO, US CLO and non-traditional CLO categories.
Over 250 members of the CLO market attended the awards dinner and saw winners from all corners of the CLO market recognised. From over 112 managers who submitted, 18 won across 20 categories.
PGIM secured the best European CLO manager award for the second time, but the US CLO category was the first Creditflux award won by Axa Investment Managers. The Paris-based firm’s US CLO business has grown steadily since 2014.
Golub Capital and first-time nominee Blue Owl picked up the mid market trophies, while Anchorage Capital — the pioneer of bond-flex CLOs — was recognised in the best non-traditional CLO category. There’s clearly room for old hands and new to establish themselves at the top.
Awards Methodology
Blended outperformance
The average ranking of each CLO relative to its peers by up to ten performance metrics.
This rewards managers that achieve high returns without compromising the quality of the portfolio. Metrics are: change in junior OC; headroom in junior OC, warf; average collateral value; % of assets marked below 90, weighted average spread; cash-on-cash return to equity; and equity volatility. In addition, day-one arbitrage is considered for new CLOs.
Volatility-adjusted weighted performance
A measure that combines absolute change in mark-to-market net asset value during 2020 and 2021 Q1 and volatility relevant to each fund’s redemption profile. Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance.
Leverage-adjusted IRR
IRR net of fees to 31 March 2021, taking into account the amount of capital raised and deployed, and adjusted for the average debt-to-ebitda leverage at inception of borrowers in the portfolio.
Final IRR
Equity IRR based on the notional size of the CLO equity and taking into account all payments received by the end of Q1 2021.
Share this article:
Global credit funds & CLO's
October 2021 | Issue 239
Published in London & New York.
Copyright Creditflux. All rights reserved. Check our Privacy Policy and our Terms of Use.