Using CLO Growth to Increase Diversity Hires - Lisa Quackenbush

Photo by Clem Onojeghuo on Unsplash

Creditflux reported a Global CLO volume of $176.6 billion in 2021, a sizeable increase from the previous year.

The strong growth in CLO’s post-pandemic creates a need to add resources to CLO manager teams. At Sage Search Advisors, we actively recruit in the CLO space; this includes CLO portfolio managers, analysts, structurers, and traders, as well as other structured credit investors.

As featured in Credtiflux’s ‘CLO Bananza’ article:

“‘There has been a lot of hiring in an effort to expand resources for CLO managers and the sell-side firms who support their efforts,’ says Lisa Quackenbush, Partner at Greenwich-based Executive Search firm Sage Search Advisors.

“Diversity is also becoming a primary consideration for asset managers as they set about recruiting, with about 80% of the searches conducted by Sage focused on this, according to Quackenbush.”

At Sage, as part of our effort to incorporate diversity candidates into our searches we map out all of the leveraged finance, financial institutions bankers, other investment banking teams as well as all of the credit manager teams.

Many asset managers have realized the lack of diversity at all levels of their firms, particularly on the investment side. They are now placing increased importance on having more balanced teams as to gender and race, and on reaping the resulting benefits to their investment process. This has been widely encouraged by LPs as they decide where to allocate capital.

As they continue to build their teams, our clients are asking us to present more candidates to serve their various diversity objectives. At Sage, we already have a deep and current pool of such candidates and can be highly effective in satisfying the requirements of the asset managers we work with.

The robust hiring environment in CLO’s and among credit managers is an excellent opportunity to identify diversity candidates and to present to them the many attractive opportunities that are available. Equally important would be an effort to expose such candidates to the opportunities in the financial services sectors at an earlier stage in their education. If a broader number of students could be made aware of the potential career paths in financial services in high school or even earlier, then a much more balanced candidate pool would tend to develop naturally.

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