An affiliate of Apollo Capital Management has chosen U.S. Bank as trustee, collateral administrator and custodian for its recent ALM Funding 2010-1 deal, according to a press release issued by U.S. Bank.
U.S. Bank will have responsibility for compliance oversight, collateral maintenance, noteholder communication and processing of principal and interest payments. The $325 million portfolio of assets for this offering will mostly comprise senior secured bank loans.
"The U.S. Bank Corporate Trust Services team is excited to expand its relationship with Apollo," said Bryan Calder, president of U.S. Bank Corporate Trust Services. "We are pleased to see a new CLO financing come to market and are particularly excited about working with the Apollo team on this transaction.”
In related news, last week U.S. Bank Corporate Trust Services announced that it had hired Joseph Giordano as senior vice president and manager of its CDO business.
The new hire reports to Bryan Calder, president of the firm. Giordano will manage the CDO business of U.S. Bank in Boston, New York and Charlotte. He is working at the bank’s Boston office.
Previously, Giordano was an executive vice president at Fidelity Investments and a managing director at both JPMorgan Chase and Bankers Trust.
For more on Giordano's hiring, please visit this link.
Apollo is a global alternative asset manager with various offices worlwide, including one in New York, Los Angeles, London, and Frankfurt, among others. Apollo had assets under management of more than $53 billion as of December 31, 2009, in private equity, credit-oriented capital markets and real estate funds invested across a core group of 9 industries.
U.S. Bank Corporate Trust Services offers trustee services with more than $2.1 trillion in assets under administration in ABS, municipal, corporate, and international bonds. Additionally, it offers paying agent, escrow agent and document collateral services through its 47 offices nationwide.
U.S. Bancorp with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the U.S. The company operates 3,002 banking offices in 24 states.