Man Group fires starting pistol on CLO manager consolidation

Man Group
By Will Caiger-Smith
17 Dec 2014

UK hedge fund giant Man Group’s decision to buy Silvermine Capital, the US collateralised loan obligation manager, makes Silvermine "immune to risk retention" and could be the first acquisition of many as onerous risk retention rules threaten smaller CLO managers, said market participants.

Man Group will pay up to $70m for Silvermine, which is based in Connecticut. Silvermine has $3.8bn of funds under management, much of it in CLOs. Its last CLO deal, ECP CLO 2014-6, was priced in August this year.

Risk retention ...

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