Creditflux

Highbridge refocuses on credit as it liquidates listed multi-strategy fund
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit

JP Morgan AM liquidates fund that made CLO warehouse investments
JP Morgan's Asset Management arm is liquidating the $1 billion Palm Lane Credit Opportunities Fund

GSO CLO fund looks to wind up with offer to roll into manager's originator strategy
The board responsible for Carador Income Fund, managed by GSO Capital Partners, has given shareholders an opportunity to wind the fund up, alongside a rollover opportunity for shareholders into GSO's CLO originator fund, Blackstone/GSO Loan Financing

Pension fund set to vote on rescinding York credit commitment and cutting Tricadia
The investment committee at San Bernardino County Employees’ Retirement Association has recommended that the pension fund rescind its commitment to a structured credit fund managed by York Capital Management, and terminate its relationship with multi-strategy credit manager Tricadia Capital Management

Oaktree nominees appointed to Ranger Direct Lending Fund board
Oaktree Capital Management has announced that its two nominees for the Ranger Direct Lending Fund (RDLF) board - Dominik Dolenec and Greg Share – have been voted to the board at Ranger's annual general meeting yesterday.

Credit hedge fund to pay $10 million to settle insider trading case
New York-based Visium Asset Management is to pay approximately $10 million to settle a credit fund insider trading case, 8 May US regulatory filings reveal

CLO manager ‘unable’ to find assets and returns cash
CLO management fees are linked to the size of each deal, so naturally managers will fight tooth and nail to keep their deal structures intact. But PGIM defied this logic last month

Ares emerges as favourite to take over troubled direct lending fund
Following Oaktree’s wind-down request, the board of the Ranger Direct Lending Fund has chosen Ares as replacement manager - moves which could see the fund change its focus from peer-to-peer loan investments to asset-backed loans

Credit Suisse fund to liquidate following underperformance
Credit Suisse is liquidating the Credit Suisse Commodity Access Strategy Fund, which invests mostly in bonds

BlackRock cuts Pine River from its sub-advisory role on alternatives fund
Following a wave of departures, Pine River has suffered another blow, with BlackRock removing it as the sub-advisor to one sleeve of a $100 million multi-strategy fund

Transamerica to liquidate bond fund run by Loomis Sayles
Transamerica Asset Management has revealed plans to liquidate its $196.8 million Transamerica Bond, which has been subdadvised by Loomis, Sayles & Company since 2007

High Ucits fees? Change strategy or face liquidation, report suggests
Substantially high fees on Ucits have led some funds to merge or liquidate, France’s stock market regulator says

Lazard keeps fixed income mandate but loses out in equities in fund-of-fund shake up
Loomis Sayles is set to replace Lazard Asset Management on one of the sleeves Lazard manages for a large Jackson National multi-manager fund, a SEC filing revealed on Friday

BNP Paribas entity winds up debt fund after falling short of AUM requirements
BNP Paribas Asset Management India has wound up an open-ended mutual fund that was launched in 2013 to invest in government securities issued by central and state government

Och-Ziff’s multi-strategy funds continue to bleed assets
The embattled hedge fund firm’s AUM is down 14% year-on-year, and its multi-strategy assets – which sat at $31.8 million at the end of 2013 – were down to $13.7 billion in December 2017

Virginia pension fund cuts Oaktree high yield account
Virginia Retirement System (VRS) has terminated Oaktree as a high yield debt manager, Creditflux has learnt

Morgan Stanley Wealth to trim hundreds of mutual funds from its platform
Morgan Stanley Wealth Management is preparing to pull around 600 mutual funds funds from its platform, Creditflux understands

PDM liquidates CLO funds after 20% per year returns
Permira Debt Managers is liquidating two structured credit funds after generating strong returns

Points up front: zombie managers near extinction
The long-term nature of CLOs means the market tends to have a large number of zombie managers, those with one or two deals outstanding but no plans for future issuance. However, a spate of redemptions, especially in Europe, has swept away some of the ghostly deadwood.

Investors crystallise gains through liquidations
Refinancings and resets have dominated 2017, but CLO equity investors have found other ways to make strong returns

Deutsche AM corporate bond fund to liquidate by mid-March
Deutsche Asset Management is pushing forward with the liquidation of its High Income Opportunities Fund, with final liquidation distributions expected to be made in about three and a half months

CSAM scores rare double-digit final return for pre-crisis euro CLO
Credit Suisse Asset Management yesterday completed its first redemption of a European CLO, a rare deal that has made uninterrupted distributions to equity since before the crisis

Loan b-wic suggests liquidation of 2007 European CLO
A loan portfolio circulating in the secondary market this week may represent the liquidation of a 2007 European CLO, based on analysis of its holdings

Investors call time on Investcorp's 2006 European CLO
Investcorp Credit Management has redeemed the third European CLO the team launched when they were part of Mizuho in April 2006

Points up front: dying question
The delicate reason, why it may not be possible to call a CLO..