Moody’s Investors Service’s ranking of the top 10 managers of collateralized loan obligations at year-end 2015 was largely unchanged from mid-year, both in terms of deal count or assets under management. But the biggest players collectively lost some market share to their mid-sized brethren. They top 10 finished the year with a total of $112.5 billion of assets under management, or 29%, of the approximate $388 billion in outstanding CLO volume rated by Moody’s.

But that figure now trails the 30% share, or approximately $116 billion, held by large firms outside the top 10 with at least 10 deals outstanding. This category held only 22% of industry assets in 2014, but substantially grew their holdings over the past year, where it was difficult for managers with fewer than 10 deals to come to market. Managers with fewer than four deals had only 14% of the pie in 2015, shrinking from the 17% share in 2014.

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