Alcentra, an asset manager overseeing $18 billion in leveraged loans and high yield bonds, takes over running the €300 million ($368 million) Silver Birch CLO I BV from WestLB Thursday, according to a report from Bloomberg.
The Silver Birch CLO was set up in 2005 by WestLB and managed by the bank’s leveraged loans group. Alcentra takes over as the replacement manager following the resignation in May of those managing the CLO, Bloomberg reported, citing a regulatory statement on June 1.
More than two-thirds of controlling class A note holders and subordinated class F note holders, which had the right to veto the appointment, voted in favor of the transfer, according to Bloomberg.
After the change, Alcentra will have 33 CLOs under management in Europe and the U.S.