Top stories on creditflux.com in 2022: upheaval as managers slim-down or go on sale
17 june
US CLO manager valued at $278 million goes up for sale
LCM goes on the block a few months after parent Tetragon outlined how it was a top performer across its platform. A sale has not been forthcoming, but that has not stopped LCM issuing a couple of new US CLOs in the following months.
Tetragon was founded in 2005 by Reade Griffith (pictured) and Paddy Dear. It bought LCM in 2010.
6 january
Hayfin structured credit pair go independent
Hayfin pulled back from structured credit as head of this business Jordan Milman and portfolio manager John Hanisch left to launch 1124 Capital. The venture did not last long, however, with Milman taking a role outside the industry and Hanisch joining BNP Paribas.
23 february
Nuveen plans European CLO move
Nuveen is planning a European CLO build out. But European direct lending came first after the firm bought London-based firm Arcmont.
29 march
MidOcean swoops for Invesco’s Rotondo
CLO portfolio managers were on the move as officials at Invesco, Onex, Marathon and MidOcean swapped seats.
29 april
Carlyle fills CLO investor vacancy
Nishil Mehta leaves First Eagle after just under a year to join Carlyle. His appointment came after incumbent Leona Clague left Carlyle.
31 may
Franklin Templeton buys Alcentra in $700m deal
Shortly after First Eagle buys Napier Park, Franklin snaps up Alcentra primarily to boost its European credit business. Structured credit chief Hiram Hamilton stepped down as Alcentra PM later in the year.
22 july
Antares to expand into BSL CLOs
One of the foremost names in direct lending plans to issue CLOs backed by large-cap loans after hiring PM Seth Katzenstein.
28 june
Onex addresses CLO exodus
Onex tells us that a variety of “personal and market” reasons have resulted in members of its CLO business leaving over the past 12 months. European CLO head Conor Daly, head of US CLOs Karen Lau, and PM Nilesh Mandhare were the latest leavers.
10 august
AGL produces $406m captive CLO equity fund
One of the fastest-growing CLO managers in the business has raised enough to support several years’ worth of deals.
16 september
US CLO traders leave Barclays to join rival
We reported Barclays’ head of US CLO trading Sam Oher and Stefan Kullberg were joining Mizuho, and a few weeks later the move was official.
13 october
It’s Nochu, it’s me
We reveal that Norinchukin Bank has stepped away from a proposed CVC Credit-managed European CLO after pausing CLO investments.
9 november
Credit Suisse Euro CLO official leaves amid restructuring
Head of European CLO syndication and origination Dimitris Papadopolous leaves Credit Suisse after it emerges the bank is reducing headcount by 2,700 by the end of 2022.