Sector developments and company hires

Bosphorus CLOs transferred

Cross Ocean Adviser, an affiliate of Cross Ocean Partners Management, has assumed collateral management of the Bosphorus CLO IV, Bosphorus CLO V and Bosphorus CLO VI transactions from Commerzbank. Moody's has confirmed that the move will not impact its current ratings assigned to the affected notes. Under the terms of the associated novation, termination and amendment and restatement deeds, all of the rights, duties and obligations as collateral manager under the transaction documents will be transferred from the original collateral manager to the successor collateral manager.

In other news…

EMEA

AXA IM has launched a Regulatory Capital Fund called Partner Capital Solutions VIII. The Fund has raised around €1.2bn and has been met with positive demand from institutional investors across Europe. AXA IM has a more than 20-year track record in Regulatory Capital Solutions, with seven generations of funds and manages several billions in assets under management across its Regulatory Capital platform, on behalf of global institutional investors. AXA IM Structured Finance manages over €54bn in global assets across the non-traditional credit spectrum.

WhiteStar Asset Management has announced the launch of its European CLO business – WhiteStar Europe. Brian McNamara and Conor Powell will join the WhiteStar team from McKay Shields Europe Investment Management to launch the new European CLO business. The two firms will work in collaboration as WhiteStar Europe assumes the investment management of McKay Shields’ €560m in European CLOs. An eight-person team is projected to be created across Dublin and London to ease the transition.

North America

Sycamore Tree Capital Partners has announced leadership roles on its debut US CLO. The asset management firm’s inaguaral transaction, STCP CLO 1, will be co-managed by Sycamore Tree md’s, Scott Farrell and Paul Travers. The pair will bring several decades of joint experience in CLO management to the US$403.3m CLO.