After issuing its first CDO in the U.S. just last year, Deutsche Asset Management has gotten its foot in the door of the booming U.S. CLO marketplace thanks to a new agreement with Columbia Management under which DeAM will manage the day-to-day operations of Flagship Capital Management's six CLOs.

DeAM, which is Deutsche Bank's global asset management business, and Columbia announced last week they had reached an agreement under which DeAM will act as sub-investment advisor for Flagship's CLOs. Flagship is an affiliate of Columbia, Bank of America's primary investment arm.

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