Maples and Calder (Ireland) LLP, the Maples Group’s law firm, advised Palmer Square Capital Management (Palmer Square) on Europe’s first passive CLO ETF designed specifically for institutional and professional investors.
Palmer Square, a credit-focused alternative asset management firm with more than $34.9bn in assets under management and one of the world’s largest CLO issuers, launched the Palmer Square EUR CLO Senior Debt Index UCITS ETF (PCL0). PCL0 is the first sub-fund of a newly established ICAV, Palmer Square UCITS ICAV, an umbrella fund with segregated liability between sub-funds, established under the laws of Ireland.
Commenting on the launch, Deirdre McIlvenna, Partner in the firm’s Irish Funds & Investment Management practice said: “It was great working with the team at Palmer Square on this exciting and innovative transaction – Europe’s first passive CLO ETF. The project provided a great opportunity for us to showcase our integrated end-to-end solution from our legal expertise through to full registration and listing support.”
Jeremy Goff, Managing Director at Palmer Square, noted: “The Maples funds team’s deep sectoral knowledge, commercial acumen and proven track record of delivering innovative new funds solutions were instrumental in guiding us through a complex regulatory landscape, ensuring that our innovative ETF reached the market smoothly and on schedule”.
