Alcentra, an asset management firm and a part of BNY Mellon Asset Management, has announced that Alcentra NY, has entered into a definitive agreement to take on the Collateralised Loan Obligation (CLO) business of Rabobank Nederland, New York branch. The business consists of four cash flow CLOs and two Synthetic CDOs, issued under the Prospero, Veritas and Archstone names.
Reportedly, the transaction will add approximately $1.53 billion to Alcentra’s assets under management. Following the transaction, Ron Grobeck, a portfolio manager and two analysts will transfer from Rabobank to Alcentra’s New York team and report to Paul Hatfield, CIO and head of US operations for Alcentra.
David Forbes-Nixon, chairman and CEO of Alcentra, added: With 32 CLOs under management we will continue to expand the platform in Europe and the US, organically and through acquisition, as well as diversifying our product offering across other sub-investment grade instruments such as mezzanine, high yield and distressed debt where we see significant opportunities.
Additionally, Alcentra will also be taking on the management of three of the BNY Mellon Capital Markets CLO funds, One Wall Street 1 & 2, plus the US Bank Loan Fund. However, they are subject to investor consents.
