"Industry consolidation outweighs new issuance as the key driver for shifts in the manager rankings, in the U.S. and Europe," Moody's analysts wrote in the newly released July edition of "CLO Interest," which includes CLO manager league tables as of June 30, 2012, updated for the first time since August 2011.

The most noticeable changes in the U.S. were the following: Apollo Management entered the top five as a result of the acquisition of Stone Tower and Gulf Stream, both of which managed a large number of CLOs prior to the acquisition, and CVC Capital Partners entered the top 10 with the acquisition of Apidos."

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