While the top two U.S. cash CDO asset managers, in terms of outstanding liabilities, defended their territory for the three quarters ending June 30, an influx of new managers - particularly in the CLO space - are beginning to thin the market share enjoyed by those at the top, according to a recently released Standard and Poor's survey.

As of the end of June, 48% of the top 25 CDO managers did not move from their respective ranks by more than two spots, compared with their standings during S&P's last such study, which ended in the third quarter of 2005. While the 10 largest managers represented about 25% of all outstanding CDO liabilities in this survey, however, they had represented about 30% in S&P's previous evaluation. The top 33 managers also represented 50% of volume, compared with 28 managers responsible for half of the volume previously.

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