Fitch Ratings said last week that the number of CLO managers is likely to decline by about 20% over the next three years as a result of managers being replaced or withdrawing from the market.

At the moment, the European market consists of 62 managers, half of which have only one or two CLOs under management. Fitch said that 60% of these CLO managers entered the European market opportunistically over the 2006-2007 period and that 50% of these were U.S. managers.

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