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By Kristen Haunss
NEW YORK, Sept 20 (LPC) - BlackRock has named Owen Butler to lead the firm’s US Collateralized Loan Obligation (CLO) business within the credit group.
Butler, who took over the role last month, is based in New York and reports to James Keenan and Tim O’Hara, co-heads of global credit, according to an internal memo. He was named to the position following the announced departure of Scott Snell, who started at Tetragon Credit Income Partners this month.
A BlackRock spokesperson confirmed the contents of the memo.
The US CLO market is set for a historic year with Wells Fargo forecasting a record US$150bn of issuance in 2018, surpassing the previous high of US$123.6bn in 2014. There has been more than US$95bn of deals arranged this year, according to LPC Collateral data.
BlackRock this month reissued a CLO with BNP Paribas and in August reset a deal with Mizuho, according to sources.
Butler was previously a member of the firm’s financial markets advisory group.
Before joining BlackRock, he was head of credit risk at LBBW Asset Management Ireland, overseeing structured credit products and corporate and financial investments. (Reporting by Kristen Haunss Editing By Jon Methven)