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CLO manager transfers accelerate overlap

Category: ABS CLOs CMBS

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CLO manager transfers accelerate overlap
When managers acquire CLOs, the underlying portfolios become more like the existing portfolios of the acquiring manager, according to a new report from Fitch.

During 2020, Fitch noted four CLO contract changes, two platform sales and two ownership changes. The contract sales this year were Crestline Denali’s sale of CLO management contracts to Ares in February; Garrison Investment’s sale to Anchorage in March; and Assurant’s sale to Morgan Stanley in June 2020.

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