Ares grows credit 34% with direct lending boost, but high yield takes rough ride in Q4
Ares Management Corporation reported strong returns for its European direct lending strategies in the fourth quarter of 2018. But the firm's overall revenues slumped and its US loan funds and high yield strategies were hit by the volatile credit market 

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

Cairn Capital hires portfolio manager for CLO investments
Cairn Capital has hired a portfolio manager with sell-side and ratings agency experience to be responsible for CLO tranche investments

Robeco looks to align macro fixed income with credit as it makes senior hire
Robeco has hired Jamie Stuttard as co-head of the global fixed income macro team and fixed income strategist  

Muzinich poaches Neuberger Berman MD for top fund distribution role
Muzinich has hired a global head of distribution, according to an announcement today, picking up the role previously held by Joshua Hughes, who left for CIFC Asset Management in May

Sears CDS battle heats up as DC challenged to change auction rules
A high profile battle over Sears Roebuck Acceptance Corp credit default swaps has taken a new turn, with one market participant challenging the Americas Determinations Committee to change its rules to avert price manipulation by another market participant in the bankrupt retailer's credit event auction

GSO co-founder plans new credit business
GSO Capital Partners co-founder Tripp Smith is launching his own credit management firm, according to a report by Bloomberg

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

Cairn sheds light on single-investment SRT fund
Fresh details have emerged on Cairn Capital’s new significant risk transfer (SRT) funds with the manager informing Creditflux that Pathfinder Fund III was structured such with US requirements in mind

Singapore fund to lend to financial institutions in emerging and developing markets
Singapore’s EFA Group is aiming to raise $100 million for a fund that will lend to banks and financial institutions in emerging and developing economies

Cairn adds two SRT funds to its roster
Cairn Capital has raised $150 million across two significant risk transfer (SRT) funds - with differing mandates - according to an announcement by the firm

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Spanish €2.3 billion SRT referencing project finance loans suffers downgrade
A junior debt tranche in a €2.3 billion significant risk transfer originated by Banco Santander has suffered a downgrade less than a year after its launch

Ex-Citi CDO trading chief joins Jefferies as head of European fixed income
Jefferies has appointed a former Citi European credit and pre-crisis CDO trading head to lead its European fixed income business

European loan issuance set to decline in 2019, says Moody's
The outlook for European leveraged loan issuance remains strong for next year, according to report by Moody’s, although levels will depend on M&A activity

Finnish pension fund seeks portfolio administrator for illiquid investments
Finland's state pension fund is searching for a portfolio administrator to oversee its illiquid investments, which include private credit

Santander issues £1.1 billion SRT featuring UK project finance loans
Banco Santander has completed a £1.12 billion significant risk transfer through a transaction dubbed Fitzroy 2018-1 CLO

Calpers appoints CIO
California Public Employees Retirement System (Calpers), the $360 billion pension fund, has appointed Yu Ben Meng as chief investment officer.

Manager plays its cards right as top-performing hedge fund grows in size
A US credit hedge fund manager has grown the size of its credit vehicle amid a strong first half of the year

Houlihan Lokey launches US loan platform and signs up HPS
Global investment bank Houlihan Lokey has launched a new syndicated leveraged finance platform as part of its capital markets group in response to “significant client demand” 

Portfolio managers continue to be pessimistic on credit outlook, survey finds
A survey by the International Association of Credit Portfolio Managers states that 56% respondents believe average corporate default rates will increase over the next 12 months 

Investors eye alternative credit ahead of expected interest rate increase – report
Investments in alternative credit are set to rise among institutional investors over the next 12 months, according to an alternative credit report published by NN Investments Partners

THL Credit takes over as sole advisor to US loan fund
THL Credit Senior Loan Fund's Board of Trustees will end its current advisory agreement with New-York based Four Wood Capital Advisors effective 21 June.

Capital Four fund soft closes at €350 million
Copenhagen-based Capital Four Invest has recommended a soft close for its Luxembourg-domiciled Credit Opportunities Fund following its growth to €350 million