Sector developments and company hires

Panagram CLO ETF debuts
Panagram Structured Asset Management has launched its first ETF - the Panagram BBB-B CLO ETF (CLOZ). The portfolio will primarily comprise triple-B and double-B rated CLO bonds and is expected to pay a monthly dividend.

The firm says its goal is to provide investors with a liquid alternative to traditional fixed income, with attractive structural features and competitive yield. "The historical outperformance of CLO tranches versus other corporates led us to create this innovative floating-rate product for the retail investor,” comments John Kim, ceo of Panagram and portfolio manager of CLOZ.

CLOZ is listed on the NYSE and has an expense ratio of 0.50%.

In other news…

North America
Comvest Partners has recruited Charles Asfour as a partner, based in the firm’s Chicago office. Asfour assumes a key leadership role within the Comvest special opportunities investment platform, where he serves on the strategy’s investment committee and is responsible for originating, structuring and managing special opportunities investments.

Prior to joining Comvest, Asfour founded Aves Capital Management, a Chicago-based manager of special situation-oriented structured capital investments and funds. Before that, he spent nearly a decade at Victory Park Capital Advisors and has also worked at Code Hennessy & Simmons and JPMorgan.