Panel: Allocators outlook
It might not have been a record year for the CLO market, but 2022 still saw $114 billion of new issuance. But it was a harder time for CLO investors, with the Creditflux index of CLO fund performance down 7.7% YTD (as of the end of November). Our panel of expert allocators will talk us through how structured credit in general, and CLOs in particular, fits into their portfolios. How do they deal with the complexities of the asset class, and what advice do they have for new pension funds and insurance companies coming into the asset class for the first time?
How will CLO strategies perform over the next twelve months?
Should investors look at US or European CLOs, and should they keep to vanilla deals or look at more unusual structures?
How should LPs approach manager selection?
What are the pitfalls to avoid when pitching a CLO allocation to your board?
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SpeakersTanvi Gupta Head of data journalism CREDITFLUXRyan Dembinsky Senior Research Analyst RUSSELL INVESTMENTS
Mike Minnich President and Chief Investment Officer MIDWEST HOLDING
Tom Stack Senior Investment Director CAMBRIDGE ASSOCIATES
Melissa Tan Managing Director FOSUN ASSET MANAGEMENT
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Ryan is a Senior Fixed Income Research Analyst at Russell Investments with a differentiating expertise in all segments of securitized assets (RMBS, CMBS, ABS, CLOs, agency MBS, and prepayment derivatives) markets. He serves as the firm’s subject matter expert and leads the research effort with respect to securitized credit market themes/opportunities and manager rankings, whereby he makes both strategic and tactical structured credit allocation recommendations as well as tactical trade ideas to multi-asset/OCIO portfolios, Russell funds, and advisory fixed income clients.
Ryan joined Russell Investments in December 2011 as a Senior Research Analyst focusing on fixed income manager due diligence. Prior to Russell, Ryan worked at Rogers Casey where he served as Associate Director of Fixed Income Research for over five years. Ryan has a broad range of experience researching fixed income managers across all areas of the asset class, including core/core plus, LDI , high yield, global fixed income, emerging markets debt, structured securities, bank loans, inflation-linked bonds, and credit-related alternatives. Prior to Rogers Casey, Ryan worked in fixed income relationship management at Weiss, Peck & Greer-Robeco USA. He received a B.A., Organizational Studies from the University of Michigan and an M.B.A in Finance from Baruch College, the Zicklin School of Business.
- 25 years of experience in insurance, technology and asset management
- Managing member of insurance advisory firm Rendezvous Capital LLC
- Former Managing Director at Swiss Re, managing a multibillion-dollar portfolio
- B.S. Electrical Engineering from MIT and MBA from MIT Sloan
Tom Stack joined Cambridge Associates in May 2022 as a Senior Investment Director focused on Private Credit. He is based in the Arlington, VA office. Tom has spent most of his career in the Outsourced-CIO space, focused on both Credit manager selection and portfolio management for endowment and foundation clients. He started his career at Investure in Charlottesville, VA, and worked there from 2007-2014. Most recently, he worked for Global Endowment Management, an OCIO based in Charlotte, NC. Tom has a B.A. in Mathematics from University of Virginia (2007) and an MBA from Columbia Business School (2016). He is also a CFA Charterholder and a member of the CFA Society of North Carolina.
Melissa Tan joined Fosun in 2016. She is Managing Director and Head of Fixed Income investment at Fosun Asset Management. She leads developed markets’ fixed income investments including High Yield, Investment Grade, Structured Credit, Loans/CLO, and Private Credit. She has 16 years of credit research and investing experience.
Prior to joining Fosun, she was the Managing Director at RW Pressprich in New York City where she focused on High Yield/Distressed and Structured Credit research, covering sectors including general industrials, homebuilding, and metals and mining.
She holds an MBA degree from New York University and a Bachelor’s degree from the University of California, Riverside. She is a CFA charterholder.