Fitch Ratings has published its 11th annual CLO Asset Manager Handbook with 121 profiles of managers active in the United States, Europe or both.
This year’s handbook includes profiles for new entities such as Acer Tree Asset Management LLP, Aquarian Credit Partners, CQS, Generate Advisors, LLC, Irradiant Partners, LLC, Morgan Stanley Eaton Vance, OFS Capital Management, LLC, Owl Rock (A Division of Blue Owl), and PIMCO. All data and information is presented in a standardizsd format and as of YE 2021.
Key manager facts and attributes provided include corporate structure, key personnel, assets under management and CLOs under management. These profile reports provide investors with a consistent framework for evaluating and comparing operational capabilities and resources across the active CLO manager universe. For 114 managers, Fitch conducted operational risk assessments and reviewed the managers’ investment processes. The profile reports for these managers include The Fitch View, which represents our summary assessment of the managers’ qualifications, strengths, potential concerns and any mitigating factors.
This year’s edition of the handbook once again provides a summary of managers’ environmental, social and governance (ESG) framework, based on responses obtained from a voluntary five-question survey covering investment policy and process attributes. Surveys were sent to all 121 handbook participants, of which 96 opted to have their responses presented in tables titled “ESG Considerations” located at the end of individual profiles.
New to the handbook this year, and complimenting the ESG framework information, Fitch also asked managers to identify any of their CLOs that have ESG-specific stipulations, such as exclusionary language, written into operating documents. This information can be found in the footnotes at the bottom of the active CLOs under management tables for managers who opted to identify the CLOs.
