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CLO Hunger, LibreMax Capital Acquires Trimaran Advisors

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As global institutional investors thirst for yield, asset managers are gladly supplying more collaterized loan obligation (CLO) opportunities. These CLO managers divide the loans into pieces and sell the parts to match the buyer’s appetite for risk. The Carlyle Group, noted for its private equity prowess, is increasing resources to the profitable CLO space and has no plans to slow down its fundraising efforts.

On November 9, 2018, New York-based LibreMax Capital, LLC, an asset management firm specializing in structured credit, disclosed that an affiliate has entered into a definitive agreement to acquire Trimaran Advisors, LLC, a U.S.-based investment manager with expertise in managing CLOs, and certain affiliated companies, from KCAP Financial Inc. Trimaran Advisors currently oversees six CLOs with approximately US$ 3 billion of assets under management. The transaction is subject to customary closing conditions and is expected to close by year end. Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.

LibreMax Capital received capital investment from Neuberger Berman’s Dyal Capital Partners. Dyal Capital Partners takes stakes in investment management companies.

On another note, the Financial Stability Board will no longer define lending through hedge funds and private credit managers as shadow banking. The board is referring the lending class as non-banking financial intermediation.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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