Four years ago, Gibran Mahmud took a chance on the little guy.

At the time, he was head of structured products and a senior portfolio manager at Dallas-based Highland Capital Management – then, as now, the largest U.S. CLO manager in terms of assets. But in March 2013, he moved to a much smaller Big D firm, Triumph Bancorp. With Mahmud’s help, the community bank launched a CLO business, Triumph Capital Advisors, issuing three deals from its Trinitas shelf platform in 2014 and 2015. Then, in March 2015, the company more than doubled its assets under management by acquiring two existing CLOs in an FDIC auction from the failed Doral Bank of Puerto Rico.

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