CIFC top manager in U.S. CLO primary market; Alcentra leads in Europe with 13 CLO deals

By Cristal Cody

Tupelo, Miss., Aug. 7 - CIFC Asset Management LLC is the top dealmaker in the collateralized loan obligation new issue market for the first half of 2013, according to Moody's Investors Service.

CIFC has 30 CLOS and $112 billion of assets under management.

GSO/Blackstone Debt Funds Management LLC follows with 27 CLOs totaling $10.6 billion under management.

Ares Management LLC and Carlyle Investment Management LLC rank third with 26 CLOs each under management.

However, with one deal priced in 2013 and a lower redemption rate, Highland Capital Management, LP is in the lead with nearly $11.9 billion under management, Moody's said.

"ING [Alternative Asset Management LLC] added $1 billion in two CLOs this year, which brought its total assets under management to $6.7 billion in 15 CLOs, replacing Invesco in the top ten for the first time," Moody's said in a report.

Other issuers that manage 10 or more CLOs include Invesco Senior Secured Management, Inc., Pramerica Investment Management Ltd., MJX Asset Management LLC, Pinebridge Investments LLC, Halcyon Loan Advisors LP, Neuberger Berman Fixed Income LLC and Octagon Credit Investors, LLC.

"In the U.S., strong new issuance has offset record redemptions, resulting in $2 billion of net inflow of new assets," Moody's said. "The top rankings in the U.S., Europe and globally changed very little from last year."

In Europe's CLO market, which reopened in 2013 after essentially closing after the 2008 financial crisis, Alcentra Ltd. is the largest CLO manager with 13 deals, according to Moody's.

Alcentra closed the €400 million Jubilee CLO 2013-X BV offering of notes due Aug. 15, 2025 in July.

Other top European CLO managers are Carlyle, Intermediate Capital Managers Ltd. and GSO/Blackstone, each of which manages 12 CLOs.

"Private equity firms dominate the global CLO market," Moody's said. "GSO/Blackstone remains the global CLO powerhouse, managing 38 CLOs totaling $15.9 billion. Carlyle follows closely by both deal count and assets under management, having added the three new deals in the first half of this year. Ares took the third spot in the global ranking."

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