Citi Capital Advisors (CCA), a global alternative asset management platform with USD16.2 billion in assets under management as of June 30, 2011, has acquired management responsibilities for four collateralised loan obligations (CLOs) from DiMaio Ahmad Capital LLC (DA Capital), expanding the assets of U.S. CLOs and loans managed by Citi Capital Advisors to USD2.8 billion.
"The acquisition of DA Capital’s CLO business is of strategic value to Citi Capital Advisors as we further leverage our expertise and infrastructure in fixed income credit," says Jim O’Brien, Co-Chief Executive Officer of Citi Capital Advisors.
The acquisition includes the management of four CLOs: Duane Street CLO I, Ltd., Duane Street CLO II, Ltd., Duane Street CLO III, Ltd., and Duane Street CLO IV, Ltd., collectively managing USD2 billion in assets.
Fred Hoffman, Managing Director and Head of Citi Capital Advisors’ US investment grade and high yield credit business, will be overseeing the management of the CLO platform. "CCA has broadened its footprint in fixed income investment products over the past two years and we plan to further expand our credit product offering in the coming year," says Hoffman.
With this transaction, Citi Capital Advisors’ global corporate credit funds will manage over USD8.8 billion in notional credit risk spanning a broad range of targeted investment opportunities, including distressed, high yield and investment grade corporates, bank loans and structured products.
