ING Alternative Asset Management, a unit of ING Investment Management, has been appointed as the successor collateral manager for three CLOs previously managed by Avenue Capital Management II.
ING assumed management of Avenue CLO IV, with $378 million in assets, and Avenue CLO V, with $622 million in assets, on Jan. 29. The firm assumed management of Avenue CLO VI, with $472 million in assets, on Feb 9.
The CLOs will be managed by ING’s senior loan group, a part of ING Investment Management.
ING’s senior loan group is headquartered in Scottsdale, Ariz., with an additional office in London.The group consists of 27 investment professionals and 18 treasury, operations and legal support personnel.
The group, led by Jeff Bakalar and Dan Norman, manages $10 billion in senior loan commitments across a variety of portfolios, including two U.S. registered mutual funds, a Luxembourg SICAV, a U.S. collective trust for pension plans, and eight CLOs, including the three Avenue CLOs.
"Structured product management is an integral part of our business strategy at ING Investment Management," said Mark Weber, executive vice president and head of investment solutions for ING Investment Management Americas. "Our senior loan group is a large platform manager in the asset class and has significant CLO management expertise.”
"We are honored to have been selected by the investors to assume management of these portfolios,” Norman said. “As a global manager of senior loan products, we have committed significant resources to all aspects of this business. Our investment platform is scalable, and we look forward to providing a high level of service to our new clients.”