Managers predict skill will win out
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

US pensions look beyond equities
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist

US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

Morgan Stanley's fixed income sales dramatically dip in Q4 earnings report
Morgan Stanley's sales and trading net revenues took a dip in 2017, with fixed income net revenues in particular down 31% compared to 2016 figures

Goldman earnings reveal 18% decrease in institutional client services revenue
The Goldman Sachs group has reported mixed results in its latest earnings release, revealing a dip in institutional client services revenue in 2017 compared to the prior year, but overall net revenues of $32 billion for 2017

Alcentra hires former BlackRock US loan and CLO chief
Alcentra has announced the appointment of Leland Hart as managing director and head of US loans and high yield

Engineering and construction: diversification leads to deepening debt
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves

Angelo Gordon names two new co-CIOs
Angelo Gordon has appointed two new co-chief investment officers, according to a letter seen by Creditflux

NN IP hires former GE official to head corporate loans business
A Dutch asset manager has strengthened its alternative credit team

CLO fund manager launches flagship credit strategy with $250 million target
A credit manager launched by a former UBS head has launched its flagship fund, with a target raise of $250 million, according to an investor letter seen by Creditflux

BDC reports $25.3 million increase in AUM
FS Investment Corporation (FSIC) has cited the “very competitive” nature of the credit market during its third quarter 2017 earnings release

Credit fund manager assumes Brown Shipley role following move to London
Brown Shipley has hired a senior credit fund manager who previously worked at Assenagon Asset Manager’s Munich office, a spokesperson confirms

Sell-side credit analysts land at Muzinich in London
Muzinich has raided Citi and Deutsche Bank for credit analysts with Richard Smith and Terence Teh joining the firm in London

CLO-savvy insurance company hires two for top credit investment roles
An insurance company, which has made a name for itself in supporting CLO managers with risk retention capital, has made a pair of big hires to its credit investment business

Guggenheim raises $200 million for opportunistic credit vehicle
Guggenheim has raised $200 million for a new opportunistic credit fund, which is backed by three investors to date

Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
Growth-starved US phone companies are seeing consolidation as the best way to improve performance

Leading fund: Lupus Alpha CLO Opportunity Notes I
Single-B CLO trades boost Lupus Alpha asset Management

Cheyne hires former BlueBay official Robertson to lead new credit unit
Cheyne is targeting below investment grade credit and has hired the former global head of leveraged finance at BlueBay to lead a newly-assembled team of three

Ares brings in leveraged finance specialist Higgins as partner in credit group
The former global head of long-only credit strategies at BlueBay Asset Management has resurfaced at Ares Management in London

Carlyle poaches credit specialist from HPS in New York
Carlyle Group is continuing to pump resources into credit with the firm announcing that it has hired a head of credit opportunities based in New York

Spotlight: Data centres - clear skies ahead for cloud providers
Demand for data centres is strong and there is no sign so far that the market is overheating

Things aren’t always what they seem
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs

BNP Paribas moves quickly to restaff London high yield trading business
BNP Paribas has moved quickly to restaff its European high yield trading desk, making two new senior hires for the business last week

Investing ethically is worth it
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe

Crestline hires as its fund financing business takes off
Crestline Investors has announced that it has completed $450 million in transactions for a niche strategy, which revolves around providing financing solutions to mature private equity-style funds