Top stories on creditflux.com: as Tetragon quits CLO management, others enter the fray
17 june
LCM is put up for sale and bidding starts at $278 million
LCM Asset Management, which has been owned by Tetragon Financial Group (TFG) since 2010, is in the early stages of talks with buyers for its $11.8 billion CLO business, sources say. Tetragon had valued LCM at $278 million at the end of April.
Chris D’Auria, the former co-head of primary CLOs at Deutsche Bank, joined LCM in 2016 as its sole big hire in the last decade. The firm has had virtually no turnover in terms of senior personnel
6 june
HPS hires Jia as it plans mid-market CLOs
HPS is looking to combine its experience in mid-market loans and CLOs after hiring Jason Jia from Sound Point.
6 june
TecoStar loses its shine
Over $1.88 billion of debt held by US CLOs and €633.4 million of European CLO debt was downgraded by either Moody’s or S&P in May. TecoStar caused the most pain.
9 june
CIFC finally fills key European CLO role
Onex’s European CLO head Conor Daly is joining CIFC Asset Management, ending the firm’s nine-month search for a successor to Dan Robinson.
10 june
Experienced CLO PM joins Advent
Matt Sosland will spearhead Advent’s US CLO drive after he joined the firm from Morgan Stanley IM. His arrival comes shortly after Advent struck a CLO partnership with Apollo.
14 june
Real estate about to get real bad
Welshcake warns of dangers building in the real estate sector by dispelling 10 myths, such as RMBS providing support to the mortgage market.
16 june
Onex blames ‘personal and market reasons’ for exodus of CLO staff
“Like all companies managing through the covid period, we have experienced personnel changes due to a variety of personal and market reasons,” says Onex in response to questions from Creditflux on staff turnover. Since September, the firm has lost four CLO portfolio managers globally, including Karen Lau.
15 june
CLO PM joins Ellington as it plans CLO return with a twist
The pioneer behind triple C-flex CLOs has hired Nilesh Mandhare from Onex (see next story) as it looks to launch plain-vanilla CLOs.
16 june
Barclays European CLO trading head leaves after crypto gains
Benjamin Cowley is leaving the CLO industry. He is understood to have made gains trading cryptocurrency in his own time.
21 june
Octaura platform aims to boost loan/CLO liquidity
Octaura chief Brian Bejile believes the current trading system is too slow. “By the time you pick up the phone to call your trader, you’re praying that the offer you saw half an hour ago is still valid,” he says.
23 june
Oaktree says CBO managers have been overweight loans and talks up CLOs
Armen Panossian, head of performing credit at Oaktree Capital, says there is value across the CLO capital structure. Even in the CBO space, he says managers had been overweight loans and can now capture superior value in bonds.