This document discusses various structures that CLO managers are using to comply with risk retention rules. It outlines three main options:
1) Majority-owned affiliate (MOA) structure where the manager owns a majority stake in an affiliate that owns a portion of the CLO.
2) Capitalized majority-owned affiliate (C-MOA) which is similar but the affiliate is capitalized as a registered investment advisor.
3) Collateral manager vehicle (CMV) where a new vehicle wholly owns the CLO and retains risk, with the original manager providing services.
It provides examples of managers using each structure like ZAIS Group with an MOA and Napier Park using a CMV. The
Dividend Weekly - World Yield Report No. 22/2013 By http://long-term-investme...Dividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend Weekly - World Yield Report No. 22/2013 By http://long-term-investme...Dividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Natural gas futures were higher in U.S. trade on Monday.
On the New York Mercantile Exchange, Natural gas futures for August delivery traded at USD2.825 per million British thermal units at time of writing up 2.00%.
Earlier, it traded at a session high USD2.841 per million British thermal units. Natural gas was likely to find support at USD2.733 and resistance at USD2.869.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.55% to trade at USD95.08.
Argie Bond Quant is an ARS denominated sovereign fixed income portfolio comprised of Argie bonds and GDP warrants that is always on the cheap side of the market.
Argie Bond Quant is an ARS denominated sovereign fixed income portfolio comprised of Argie bonds and GDP warrants that is always on the cheap side of the market.
The first comprehensive international report on the state of Blockchain presented by CoinDesk covering details on Public Blockchains, Enterprise Blockchain, Investments and Government & Regulation. Discovered first by Bitcoin Wiser team.
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Natural gas futures were higher in U.S. trade on Monday.
On the New York Mercantile Exchange, Natural gas futures for August delivery traded at USD2.825 per million British thermal units at time of writing up 2.00%.
Earlier, it traded at a session high USD2.841 per million British thermal units. Natural gas was likely to find support at USD2.733 and resistance at USD2.869.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.55% to trade at USD95.08.
Argie Bond Quant is an ARS denominated sovereign fixed income portfolio comprised of Argie bonds and GDP warrants that is always on the cheap side of the market.
Argie Bond Quant is an ARS denominated sovereign fixed income portfolio comprised of Argie bonds and GDP warrants that is always on the cheap side of the market.
The first comprehensive international report on the state of Blockchain presented by CoinDesk covering details on Public Blockchains, Enterprise Blockchain, Investments and Government & Regulation. Discovered first by Bitcoin Wiser team.
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
In this risk retention piece, we provide updates to how the final rule under Dodd-Frank applies to CLOs. We cover the permissible forms of risk retention and financing options for the risk retention obligation among other things.
As we continue to operate in a fast-moving, highly competitive market for lenders and investors in loans, understanding and staying current on trends in structure and documentation, as well as regulatory developments, has become an increasingly important and necessary competitive advantage.
Topics covered in this presentation include:
•State of the Loan Market
•State of the CLO Market
•Risk Retention
•Industry/LSTA Update
•Bankruptcy Update
The Mozilla Hive Learning Network is a city-by-city model of bringing as many of the learning activities as possible together so all the varied groups (libraries, community centres, schools, hack/maker spaces, independent schools and instructors) know that the others exist and what they are doing, and so that learners can map their own pathways through it. Traditionally it has focused on digital learning and youth 12-18, but in the Vancouver branch we are trying to bridge the digital and physical worlds, and open to learners of all ages. This session will be about discussing how to best involve people in their own learning, bridge different groups, whether we can scale what are often very personal experiences so that learners world-wide can participate, and the very central role libraries are playing. In parallel to this, the Maker Foundation has been sponsoring Maker Education meet-ups, bringing librarians, educators, administrators, community centre organizers, makers, parents, and kids together to discuss how to get tools into kids hands to empower them to take charge of their own educations and engage with the world around them.
Note: These slides are not what I talked from. Speaking notes (not verbatim, but what I worked from) are here: https://docs.google.com/document/d/1cpp0xND6Jentid7vH7Yfnnc6vwOPRLx-8T34haRm1rQ/edit?usp=sharing
InKnowVision July 2014 HNW Technical PPT - Split DollarInKnowVision
This concept, which most people thought went away ten years ago with changes in the law, is still a very vibrant technique. Pair it with several other techniques for high net worth clients and you have a powerful solution for wealth transfer.
Review the recording as we look at some of the simple strategies for bringing this particular technique to life and learn how to present it to your clients and planning partners as a significant solution in the wealth transfer arena.
InKnowVision September 2013 Captive Insurance PowerpointInKnowVision
After completing this course, you will be able to:
- Identify the benefits of Captive Insurance companies
- Differentiate which clients would be ideal for a Captive
- List the necessary steps to form a Captive
- Define and address Captive tax issues
- Apply all of the processes to form a successful Captive Insurance company
Lincoln Crowne & Company Engineering & Mining Services Report for the week ending 27 September 2013.
With equity markets continuing to trade well (despite thin volumes at the retail end) there are some noises being finally made by brokers on potential IPOs going into Christmas and in Q1 2014. For the Engineering sector in particular this may see the debut of a number of smaller companies onto the Boards that have been waiting in the wings for the last year or more.
This presentation will take you through Emperor Asset Management's investment philosophy and track record. It also touches on wealth management with a short explanation of how to calculate your wealth index.
Lincoln crowne Engineering Contractors Weekly Report Edition 134 30102015Lincoln Crowne & Company
Lincoln Crowne & Company Weekly market update on the Australian Engineering & Mining Services Contracting Sector.
Edition 134 covers valuations of companies in sector and recent deals announced and advanced
Managing Abu Dhabi's $627 Billion Sovereign Wealth Fund (ADIA), Presentation ...Aaron Beydoun
Aaron-Micael Beydoun has estimated the depletion of Abu Dhabi's oil reserves in 93 years in a course on investment management at Harvard University. Managing the USD 620 Billion of the Emirate's sovereign wealth vis-à-vis the Abu Dhabi Investment Authority, ADIA, he has proposed the following: Although an optimization of financial assets has established the portfolio strategic asset allocation, this ignores that underlying commodity asset i.e. oil, that forms the majority of client’s implied existing portfolio. Since the oil that forms the bulk of implied national wealth is highly volatile, then traditional portfolio investment risk management that only includes invested financial assets may not properly account for total wealth risk. Therefore, so as to properly account for national wealth risk, we recommend a strategic asset allocation that broadens the asset base to include the non-monetized commodity asset i.e. oil so as to properly account for national wealth risk.
Dividend Weekly No. 36/2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
By http://long-term-investments.blogspot.com
Risk And Return In Financial Management PowerPoint Presentation SlidesSlideTeam
Analyze investment risk and profitability with this professionally designed Risk and Return in Financial Management PowerPoint Presentation Slides. The content ready portfolio risk-return trade-off PowerPoint compete deck comprises of PPT slides such as risk and return of stock bonds, and T-bills, investment strategies of predefined portfolios, risk and return of portfolio manager, measuring stock volatility proportionate, portfolio return analysis, calculating asset beta, portfolio value at risk, ranking the passive income streams impact to name a few. Explain the relationship between risk on investing in the financial market with potential return using portfolio risk analysis PPT slides. Utilize the visually appealing risk-reward relationship presentation design to structure your financial presentation. Furthermore, portfolio risk-return in security analysis PPT visuals are completely customizable. You can add or delete the content if needed. Download this visually appealing security analysis and portfolio management presentation deck to manage investment risk. Our Risk And Return In Financial Management PowerPoint Presentation Slides ensure you feel joyous. You will find the inspiration you desire.
Similar to Creditflux 2016 risk retention presentation (20)
4. Rank Manager 2.0 AUM ($bn) Annual growth ($bn) Annual risk retention ($m)
54 TPG 2.43 0.97 48.60
57 Triumph 1.90 0.76 38.00
88 Wellfleet 1.12 1.03 51.69
• 46 managers have issued more than $3 billion of 2.0 CLOs
• 110 managers have printed at least one deal since 2010
• 72 US CLO managers have printed deals in 2016 and 40
managers have completed a risk-retention compliant CLO
Risk retention-compliant CLOs
6. CLO
manager
3rd party
investor
Majority-owned affiliate
CLO
85-90% stake10-15% stake
Collateral
management
agreement
5% risk retention
Pros
• Fairly quick and cheap to
establish
• It can be converted into a C-
MOA with relative ease
• There is limited impact on the
operations of the existing CLO
manager
Cons
• Typically, it does not comply
with EU risk retention
• Manager has to put in at
least 10-15%
Option 1: MOA
7. ZAIS Group 3rd party investor
Majority-owned affiliate
ZAIS Group
CLO
49%
stake
51%
stake
Collateral
management
agreement
5% risk
retention
Spotlight on ZAIS Group
8. 40/86: Credit manager for insurance company
Voya: Alternative credit manager with insurance business
Fidelity: Part of insurance and mutual fund family
Anchorage: Hedge fund manager
Marathon: Hedge fund manager
Och-Ziff: Hedge fund manager
Zais: Hedge fund manager
CSAM: Large credit manager, part of Credit Suisse bank
GSO: Large credit manager
TPG: Credit management arm of PE giant TPG
Angelo Gordon: Alternative credit manager
Black Diamond: Distressed, private equity and CLO manager
Octagon: CLO and structured credit manager owned by Conning
Sound Point: Alternative credit manager
Steele Creek: CLO manager owned by Moelis
Wellfleet: Credit management arm of PE firm Littlejohn
Who is using or planning an MOA?
12. Option 3: CMV
Existing CLO
manager
Master fund
CMV
CLO
100%
ownershipManagement
services
agreement
5% risk retention
Collateral
management
agreement
Pros
• CMVs can be used to achieve
compliance with US and
European risk retention rules
• Manager is not obliged to put
any capital into the CMV
Cons
• Dual hatting of certain
employees is required
• Can be fairly time-consuming
and costly to establish
• Needs to demonstrate real
independence from original
manager – separate board,
credit committee
13. Spotlight on Napier Park
Napier Park Master fund
Regatta Loan
Management
CLO
100%
ownership
Management
services agreement
5% risk
retention
Collateral management
agreement
14. Who is using or planning a CMV
Apollo
BlueMountain
GoldenTree
Napier Park
Oaktree
Triumph Capital
15. Existing manager
3rd party
investors
New CLO manager
CLO 2
Majority stake
Minority stake
Sub-advisor 1
Sub-advisor 2
Sub-advisor 3
CLO 3CLO 1
Management
services agreement
The multi-manager solution
16. With thanks to White & Case, Dechert, Cadwalader,
Seward & Kissel, ZAIS Group and Napier Park.
For more information please contact Sayed Kadiri at
sayed.kadiri@creditflux.com