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Unveiling the Intricacies of
Collateralised Loan Obligations
January 2024 — Funds Europe delves into the allure of collateralised loan obligations (CLO), spotlighting their diversification benefits and intricate structures. Jeffrey Stroll, CIO of Post Advisory Group, provides his insights.
Release: January 2024
By: Piyasi Mitra
Funds Europe delves into the allure of collateralised loan obligations (CLO), spotlighting their diversification benefits and intricate structures. Jeffrey Stroll, CIO of Post Advisory Group, provides his insights.
In 2021, specialist asset managers created over $500 billion in CLOs, benefiting from substantial post-pandemic monetary support. However, momentum has slowed in the first half of this year, with only about $69 billion launched or refinanced, a 41% drop compared to the same period in 2022, as per JP Morgan data.
CLOs: a critical market
to insurance investors
December 2023 — InsuranceAUM.com's podcast episode features a deep exploration of CLOs with expert Kevin Farley, Structured Credit Portfolio Manager at Post Advisory Group, a subsidiary of Principal Financial Group. It's a compelling session that unpacks the complexities and opportunities of CLOs in the insurance asset management realm.
Release: December 2023
By: InsuranceAUM.com
InsuranceAUM.com's podcast episode features a deep exploration of CLOs with expert Kevin Farley, Structured Credit Portfolio Manager at Post Advisory Group, a subsidiary of Principal Financial Group. It's a compelling session that unpacks the complexities and opportunities of CLOs in the insurance asset management realm.
The episode is a treasure trove of knowledge for anyone looking to understand the significant role of CLOs in shaping investment approaches in the insurance sector.
The Case for High-Quality
Short Duration High Yield
January 2023 — In a rising interest rate environment characterized by elevated inflation, and with a growing consensus that a recession may be near, investors may struggle to find a fixed income alternative that provides healthy yield, avoids excessive interest rate risk, mitigates credit risk, and maintains sufficient liquidity. While the broader US high yield market may be more vulnerable to rising longterm interest rates and credit spread widening, a subset of the high yield market — high-quality short duration high yield — stands out as a "port in the storm" that can provide healthy returns with more limited volatility than other assets within fixed income. Many US asset allocators have been slow to recognize high-quality short duration high yield as an asset class of its own, but the market segment has attracted increasing attention over the past decade from global investors (primarily in Europe and Japan) who recognize the opportunity to earn attractive yields with lower levels of credit and duration risk.
Release: July 2023
By: Dan Ross and Sofia Jimenez
In a rising interest rate environment characterized by elevated inflation, and with a growing consensus that a recession may be near, investors may struggle to find a fixed income alternative that provides healthy yield, avoids excessive interest rate risk, mitigates credit risk, and maintains sufficient liquidity.
While the broader US high yield market may be more vulnerable to rising longterm interest rates and credit spread widening, a subset of the high yield market — high-quality short duration high yield — stands out as a "port in the storm" that can provide healthy returns with more limited volatility than other assets within fixed income. Many US asset allocators have been slow to recognize high-quality short duration high yield as an asset class of its own, but the market segment has attracted increasing attention over the past decade from global investors (primarily in Europe and Japan) who recognize the opportunity to earn attractive yields with lower levels of credit and duration risk. Some of the risk and liquidity benefits of short duration high yield are embedded in the nature of the asset class — less interest rate risk than longer duration credit, credit risk can be easier to assess in the shortterm than the long-term, outsized moves lower in bond prices result in bigger yield changes given the shorter maturity profile (which in turn can attract buyers more quickly). But because defaults are more common in short duration high yield than in the broader high yield market (since defaults are most commonly driven by near-term debt maturities), a conservative investment philosophy and a focus on credit underwriting are critical elements of a high-quality short duration strategy.
Press Releases
Here you will find our most recent press releases.
Post Advisory Group Closes
Fifth CLO Transaction
Post Advisory Group closed its fifth CLO on March 13, 2024. This brings the manager's CLO AUM to approximately $2.0 billion. The CLO priced $$403.98MM notional of rated and unrated notes. Terms of the broadly syndicated CLO deal feature a senior triple-A tranche spread of 160 bps over term SOFR. The reinvestment period is active through April 20, 2029.
Post Advisory Group closed its fifth CLO on March 13, 2024. This brings the manager's CLO AUM to approximately $2.0 billion.
The CLO priced $$403.98MM notional of rated and unrated notes. Terms of the broadly syndicated CLO deal feature a senior triple-A tranche spread of 160 bps over term SOFR.
The reinvestment period is active through April 20, 2029.
CLO Details
| Tranche | Size ($m) | Rating (S) | Coupon (S+bp) |
|---|---|---|---|
| A1 | 191.0 | Aaa/NR | 160 |
| AL | 65.0 | Aaa/NR | 160 |
| A2 | 8.0 | NR/AAA | 180 |
| B | 40.0 | NR/AA | 210 |
| C | 24.0 | NR/A | 250 |
| D | 24.0 | NR/BBB- | 375 |
| E | 15.0 | NR/BB- | 680 |
| Equity | 37.0 | NR |
This presentation is not intended to be a risk disclosure document and does not constitute an offer to sell or a solicitation of an offer to buy or sell any security. Past performance is not necessarily indicative, or a guarantee, of future performance and should not be relied upon to make investment decisions. There can be no assurance that any future CLO will achieve comparable results in the future. Investors should have the financial ability and willingness to accept the risks (including the risk of loss of their entire investment) for an indefinite period of time and should consult their financial, tax, and accounting advisors regarding the appropriateness of making an investment in a Post portfolio or strategy.
The information provided herein is proprietary to Post and may not be copied, reproduced, distributed, or displayed without Post’s express written permission. The information provided herein is being provided for informational purposes only.
Post Advisory Group Prices
Fourth CLO Transaction
Post Advisory Group priced a new CLO, with JP Morgan as the arranger on the deal, which is the third time Post has worked with the bank out of the four CLOs it manages. This is the manager's fourth CLO and brings CLO AUM to approximately $1.6 billion. The CLO priced $400MM notional of rated and unrated notes. The triple A coupon of SOFR plus 195 basis points was just 4.67bps wide of the 10-day rolling average. The deal has a cost of debt of 252.5bp weighted across the capital structure. The CLO is non-call for two years and will reinvest for a market-standard five-year period.
Post Advisory Group priced a new CLO, with JP Morgan as the arranger on the deal, which is the third time Post has worked with the bank out of the four CLOs it manages. This is the manager's fourth CLO and brings CLO AUM to approximately $1.6 billion.
The CLO priced $400MM notional of rated and unrated notes. The triple A coupon of SOFR plus 195 basis points was just 4.67bps wide of the 10-day rolling average. The deal has a cost of debt of 252.5bp weighted across the capital structure.
The CLO is non-call for two years and will reinvest for a market-standard five-year period.
CLO Details
| Tranche | Size ($m) | Rating (S) | Coupon (S+bp) |
|---|---|---|---|
| A | 201.2 | AAA | 195 |
| AL | 50 | AAA | 195 |
| B1 | 42.8 | AA | 250 |
| B2 | 10 | AA | fixed: 6.2% |
| C | 22 | A | 325 |
| D | 24 | BBB- | 525 |
| E | 12 | BB- | 790 |
| Sub | 38 | NR |
Kevin Farley joins Post Advisory Group as portfolio manager to support growing CLO and structured credit platform
(LOS ANGELES) – Post Advisory Group, the $15.6 billion AUM global high yield, senior loan and structured credit specialist investment team of Principal Global Investors®, announced today Kevin Farley has joined the firm as a portfolio manager for its CLO and structured credit platform. The addition of Farley to the team will further support the firm's efforts to provide clients with investment strategies that deliver strong downside protection, relatively low volatility, and low correlations to many fixed income and other asset classes.
Release: September 12, 2022
Media Contact: Jane Slusark, 515-362-0482, Slusark.jane@principal.com
Post Advisory Group, the $15.6 billion AUM global high yield, senior loan and structured credit specialist investment team of Principal Global Investors®, announced today Kevin Farley has joined the firm as a portfolio manager for its CLO and structured credit platform. The addition of Farley to the team will further support the firm's efforts to provide clients with investment strategies that deliver strong downside protection, relatively low volatility, and low correlations to many fixed income and other asset classes.
"At Post, we're committed to providing a full suite of customized investment solutions to our clients. The addition of Kevin, with his expertise in structured credit investing, will further our capabilities and allow us to better serve our customers," said Jeffrey Stroll, chief investment officer, Post Advisory Group. "Kevin has significant investing experience in the CLO asset class; the entire team is excited to bring this expertise in-house and is looking forward to working with him."
Farley comes to Post Advisory Group with over 25 years of experience in financial markets, including over 20 years of experience in structured credit trading for both sell-side broker dealers as well as buy-side asset management and hedge funds. Most recently, he spent over 10 years trading CLOs at Wells Fargo Securities. Prior to his work at Wells Fargo, he was managing director, CLO/ABS trading at Citadel Securities and managing director, CLO/ABS trading and origination at Institutional Credit Partners. He earned his bachelor's degree in finance from Rutgers College.
Farley will join Jeffrey Stroll, David Kim and William Lemberg in managing the firm's CLO and structured credit solutions. This includes the Post CLO Equity Master Fund, LP, which Post completed an oversubscribed capital raise for in March of this year, and the Post structured credit strategy to be launched later this year.
About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
Post Advisory Group closes
oversubscribed CLO Equity Fund
(LOS ANGELES) – Post Advisory Group, a leading multi-strategy, value-oriented asset manager specializing in sub-investment grade corporate credit with $17.5 billion of assets under management, announced it has completed the capital raise for the Post CLO Equity Master Fund, LP (the Fund), together with associated feeder funds. The Fund, which will invest its capital in the equity of multiple Post-managed CLO transactions, was oversubscribed, raising $146 million from investors and surpassing the initial target of $120 million. Mercer's private debt business acted as a strategic partner and an anchor investor in the Fund.
Release: March 30, 2022
Media Contact: Phillip Nicolino, nicolino.phillip@principal.com, 515-362-0239
Post Advisory Group, a leading multi-strategy, value-oriented asset manager specializing in sub-investment grade corporate credit with $17.5 billion of assets under management, announced it has completed the capital raise for the Post CLO Equity Master Fund, LP (the Fund), together with associated feeder funds. The Fund, which will invest its capital in the equity of multiple Post-managed CLO transactions, was oversubscribed, raising $146 million from investors and surpassing the initial target of $120 million. Mercer's private debt business acted as a strategic partner and an anchor investor in the Fund.
"CLO equity has demonstrated strong performance over an extended period of time and through different types of market environments, which continues to drive acceptance and investor interest in the asset class," said Jeffrey Stroll, chief investment officer for Post Advisory Group. "We are excited to add this asset class to our suite of high yield and senior loan products and appreciate the confidence that investors have placed in our differentiated approach."
Corporate pension funds, family offices, and high net worth individuals committed to the fund, in addition to significant co-investment from Post Advisory Group and the firm's employees.
About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
Media Advisory: Industry veteran joins Post Advisory Group as chief operating officer
Post Advisory Group announced today that Debbie Flickinger has joined the firm as chief operating officer. In this role, she will be a key contributor to the firm's strategy and will oversee business infrastructure, including operations, legal, compliance, finance, technology, and human resources. "Debbie is a veteran of the investment management industry and brings a strong track record of executing on strategy and increasing operational efficiency," said Jeffrey Stroll, chief investment officer of Post Advisory Group. "I'm really excited to have Debbie join the team. Her experience leading operations teams will be invaluable as she works to ensure we have the necessary infrastructure in place to continue to grow and provide clients with attractive risk-adjusted returns."
Release: March 2022
Media Contact: Shawn Finlen, finlen.shawn@principal.com, 515-878-0507
Post Advisory Group announced today that Debbie Flickinger has joined the firm as chief operating officer. In this role, she will be a key contributor to the firm's strategy and will oversee business infrastructure, including operations, legal, compliance, finance, technology, and human resources.
"Debbie is a veteran of the investment management industry and brings a strong track record of executing on strategy and increasing operational efficiency," said Jeffrey Stroll, chief investment officer of Post Advisory Group. "I'm really excited to have Debbie join the team. Her experience leading operations teams will be invaluable as she works to ensure we have the necessary infrastructure in place to continue to grow and provide clients with attractive risk-adjusted returns."
Flickinger joins Post Advisory Group with more than 35 years of financial services experience and background in managing operations and teams. Most recently she served as chief operating officer for CenterSquare Investment Management. Prior to her time with CenterSquare, Flickinger held leadership roles at BNY Mellon, Deutsche Bank, and Merrill Lynch. She earned an MBA from Fairleigh Dickinson University and a Bachelors in finance from Pennsylvania State University. Flickinger also previously served on the board of directors for the Association of Institutional Investors. She will be based in Los Angeles.
About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
Post Advisory Group Prices
Third CLO Transaction
Post Advisory Group priced its third US deal via JP Morgan, coming roughly six months after Post's 2nd CLO, which marked Post's comeback CLO – more than three years after its inaugural CLO. The coupon on Post's triple A notes is 138bp, just 4.1bp wide of the average in February. The single A rated tranche in the new Post CLO is rated a notch higher than in most CLOs, carrying an A+ rating by S&P. The bond pays 210 basis points over SOFR. This is tighter than the 221.7bp average this month in the US primary CLO market (based on coupons). The CLO is non-call for two years and will reinvest for a market-standard five-year period.
Post Advisory Group priced its third US deal via JP Morgan, coming roughly six months after Post's 2nd CLO, which marked Post's comeback CLO – more than three years after its inaugural CLO. The coupon on Post's triple A notes is 138bp, just 4.1bp wide of the average in February. The single A rated tranche in the new Post CLO is rated a notch higher than in most CLOs, carrying an A+ rating by S&P. The bond pays 210 basis points over SOFR. This is tighter than the 221.7bp average this month in the US primary CLO market (based on coupons). The CLO is non-call for two years and will reinvest for a market-standard five-year period.
Post's US CLO growth in the past few months coincides with the launch of its captive CLO equity fund.
CLO Details
| Tranche | Size ($m) | Rating (S) | Par sub (%) | Coupon (%) |
|---|---|---|---|---|
| A | 252 | AAA | 37 | 138 |
| B | 52 | AA | 24 | 190 |
| C | 24 | A+ | 18 | 210 |
| D | 24 | BBB- | 12 | 320 |
| E | 16 | BB- | 8 | 675 |
| Equity | 35.4 | -/- | - | - |
Post Advisory Group Prices
Second CLO Transaction
Post Advisory Group has priced its second CLO transaction, teaming up with Morgan Stanley to print the deal. The new transaction comes a little more than three years after Post's debut CLO came to market in April 2018 and follows the recent launch of Post's CLO equity fund, which had its initial close in April 2021. $407.4 million of rated and non-rated notes priced with the triple A notes paying 120 basis points over Libor, just 2.79bps wide of the 10-day rolling average. This is a strong print for a firm issuing its second CLO. The new CLO pays 166.47bp weighted across the liability stack and is non-callable for two years with a five-year reinvestment period.
Post Advisory Group has priced its second CLO transaction, teaming up with Morgan Stanley to print the deal. The new transaction comes a little more than three years after Post's debut CLO came to market in April 2018 and follows the recent launch of Post's CLO equity fund, which had its initial close in April 2021.
$407.4 million of rated and non-rated notes priced with the triple A notes paying 120 basis points over Libor, just 2.79bps wide of the 10-day rolling average. This is a strong print for a firm issuing its second CLO. The new CLO pays 166.47bp weighted across the liability stack and is non-callable for two years with a five-year reinvestment period.
CLO Details
| Tranche | Size ($m) | Rating (S) | Par sub (%) | Coupon (L+bp) | |
|---|---|---|---|---|---|
| A | 252 | AAA | 37 | 120 | |
| B | 52 | AA | 24 | 175 | |
| C | 24 | A | 18 | 220 | |
| D | 23 | BBB- | 12.25 | 330 | |
| E | 13 | BB- | 9 | 645 | |
| Sub | 43.4 | NR |
Post Advisory Group Hires Eileen Mancera to Lead Sales and Marketing
Post Advisory Group announced today that Eileen Mancera has joined the firm as managing director and head of sales and marketing. In this new role, Mancera will lead Post's sales and business development efforts across the firm's credit strategies, focusing on strengthening existing client relationships and growing the firm's assets under management. "We are thrilled to welcome Eileen to Post. She will play a significant role in our future growth plans, including capital raising efforts, new product development, and enhancing how we serve our most important constituency – our clients," said Jeffrey Stroll, chief investment officer for Post Advisory Group.
Release: September 10, 2020
Media Contact: Teresa Thoensen, thoensen.teresa@principal.com, 515-878-0800
Post Advisory Group announced today that Eileen Mancera has joined the firm as managing director and head of sales and marketing. In this new role, Mancera will lead Post's sales and business development efforts across the firm's credit strategies, focusing on strengthening existing client relationships and growing the firm's assets under management.
"We are thrilled to welcome Eileen to Post. She will play a significant role in our future growth plans, including capital raising efforts, new product development, and enhancing how we serve our most important constituency – our clients," said Jeffrey Stroll, chief investment officer for Post Advisory Group. "Her experience and client-focused mentality are going to be critical factors in helping us meet the needs of our clients and achieving our long-term goals as a firm."
As part of her role, Mancera will lead Post's marketing and client services team, and will be responsible for developing new business opportunities and creating customized solutions to meet client needs. She will also work closely with the sales and product development teams at both of Post's parent companies, Principal Global Investors® and Nippon Life.
"Especially in the current environment, it is increasingly important to listen to and engage with clients, and meet their evolving needs with tailored solutions," said Mancera. "I am excited by the firm's impressive investment performance track record, the diversity of its team, and its relentless focus on client service. The growth opportunities for Post are immense and I am thrilled to be part of the team."
Mancera brings to Post Advisory Group more than 19 years of experience in marketing and institutional sales across alternative investment strategies, hedge funds, private equity, and real estate. Most recently, she worked at Kayne Anderson Capital Advisors, L.P., where she led business development and client relations across the firm's credit, real estate and energy investment strategies. Prior to working at Kayne Anderson Capital Advisors, Mancera held business development roles with Venor Capital Management, Morgan Creek Capital Management, and Juniper Capital Group.
About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
Post Advisory Group Prices
Inaugural CLO Transaction
Post Advisory Group priced its inaugural CLO transaction in a deal arranged by JP Morgan. The transaction, $409.7 million of rated and unrated notes carries a two-year non call period and five-year reinvestment period. While Post's initial CLO was priced shortly after the risk retention rules for the industry were overturned (which had previously required CLO managers to invest and retain 5% of the value of each CLO), Post and its publicly traded parent company, Principal Financial Group, jointly invested in a "vertical strip" representing at least 5% of each tranche of the CLO, highlighting the strength of its partnership with and support from Principal, as well as the firm's commitment to the new strategy.
Post Advisory Group priced its inaugural CLO transaction in a deal arranged by JP Morgan. The transaction, $409.7 million of rated and unrated notes carries a two-year non call period and five-year reinvestment period. While Post's initial CLO was priced shortly after the risk retention rules for the industry were overturned (which had previously required CLO managers to invest and retain 5% of the value of each CLO), Post and its publicly traded parent company, Principal Financial Group, jointly invested in a "vertical strip" representing at least 5% of each tranche of the CLO, highlighting the strength of its partnership with and support from Principal, as well as the firm's commitment to the new strategy.
CLO Details
| Tranche | Size ($m) | Rating (S) | Par sub (%) | Coupon (L+bp) |
|---|---|---|---|---|
| A | 256 | Aaa/AAA | 36 | 105 |
| B | 42/7 | Aa2 | 25.3 | 165 |
| C | 20.5 | A2 | 20.2 | 200 |
| D | 26.45 | Baa3 | 13.6 | 295 |
| E | 22.7 | Ba3- | 7.9 | 587 |
| Sub | 41.35 | NR |
Post Advisory Group to launch CLO business — New hire Bill Lemberg to lead collateralized loan obligation strategy
(Los Angeles) – Post Advisory Group, a multi-strategy asset management firm majority-owned by Principal Financial Group, announced today its intention to build a collateralized loan obligation (CLO) management business led by newly hired Bill Lemberg. Lemberg recently joined Post from Alcentra Group where he was a managing director and head of Alcentra's US Loan business. Post has grown its assets under management significantly over the last three years – from less than $10 billion in 2014 to approximately $17 billion today. The addition of CLOs builds on Post's current investment expertise and product offerings.
Release: September 12, 2020
Media Contact: Shawn Finlen, finlen.shawn@principal.com, 515-878-0507
Post Advisory Group, a multi-strategy asset management firm majority-owned by Principal Financial Group, announced today its intention to build a collateralized loan obligation (CLO) management business led by newly hired Bill Lemberg. Lemberg recently joined Post from Alcentra Group where he was a managing director and head of Alcentra's US Loan business.
Post has grown its assets under management significantly over the last three years – from less than $10 billion in 2014 to approximately $17 billion today. The addition of CLOs builds on Post's current investment expertise and product offerings.
"We are excited to partner with Bill Lemberg to start and grow a CLO management business at Post," said Henry Chyung, chief investment officer of Post. "Adding CLO management capabilities to our platform is a natural extension of our existing investment strategies and leverages our deep credit culture and experienced investment team."
Previously, Lemberg managed more than $8 billion in senior loan investments for Alcentra, including $4 billion in CLOs. He has more than 25 years of experience in the leveraged finance business.
"I'm delighted to join Post, with its long and successful track record of managing high yield bonds and senior loans, as well as its strong investment team and credit culture," said Lemberg, managing director and portfolio manager at Post. "Post and its shareholders have committed significant resources to launching this initiative, and I look forward to building the CLO business with this strong foundation already in place."
Principal, a financial services company with retirement, insurance and asset management solutions, is committed to helping Post build out the CLO offering and growing the firm. "Post has proven success in investing in high quality businesses and delivering strong investment performance across high yield bonds and senior loans, especially during significant market volatility," said Tim Dunbar, chief investment officer for Principal. "We look forward to working closely with Post on this latest strategic venture."
About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
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Release: September 15, 2022
Media Contact: Shawn Finlen, finlen.shawn@principal.com, 515-878-0507
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About Post Advisory Group
Founded in 1992, Post Advisory Group is a leading multi-strategy, value-oriented asset manager specializing in global high yield, senior loans and structured credit. Post manages $15.6 billion of assets (as of June 30, 2022) on behalf of institutional investors around the world, including corporate and government pension funds, insurance companies, sovereign wealth funds, foundations, and endowments, as well as high net worth individuals. Post is an individual investment team of Principal Global Investors®.
About Principal Global Investors
Principal Global Investors leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.
At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $507.1 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of June 30, 2022). To find out more, visit us at principalglobal.com.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.