Post Advisory Group, a multi-strategy asset management firm majority-owned by Principal Financial Group, is to build a collateralised loan obligation (CLO) management business led by newly hired Bill Lemberg.
Lemberg recently joined Post from Alcentra Group where he was a managing director and head of Alcentra’s US Loan business.
Post has grown its assets under management significantly over the last three years – from less than USD10 billion in 2014 to approximately USD17 billion today. The addition of CLOs builds on Post’s current investment expertise and product offerings.
“We are excited to partner with Bill Lemberg to start and grow a CLO management business at Post,” says Henry Chyung, chief investment officer of Post. “Adding CLO management capabilities to our platform is a natural extension of our existing investment strategies and leverages our deep credit culture and experienced investment team.”
Previously, Lemberg managed more than USD8 billion in senior loan investments for Alcentra, including USD4 billion in CLOs. He has more than 25 years of experience in the leveraged finance business.
“I’m delighted to join Post, with its long and successful track record of managing high yield bonds and senior loans, as well as its strong investment team and credit culture,” says Lemberg, managing director and portfolio manager at Post. “Post and its shareholders have committed significant resources to launching this initiative, and I look forward to building the CLO business with this strong foundation already in place.”
Principal, a financial services company with retirement, insurance and asset management solutions, is committed to helping Post build out the CLO offering and growing the firm.
“Post has proven success in investing in high quality businesses and delivering strong investment performance across high yield bonds and senior loans, especially during significant market volatility,” says Tim Dunbar, chief investment officer for Principal. “We look forward to working closely with Post on this latest strategic venture.”
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