At the onset of the credit crisis, market participants expected a wave of consolidation in the CLO market. The wave turned out to be little more than a ripple, with less than 5% of the CLO market making management changes during the last year and a half, according to analysts at Citigroup Global Markets.

That, however, now appears to be changing, with several managers recently acquiring portfolios, and a number of others looking for buyers, sources said.

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