Accunia Fondsmæglerselskab A/S recently completed its second CLO bond issue with a total commitment of €386MM (DKK 2.9 billion).
Investment was drawn from 20 institutional investors in Denmark, Finland and rest of Europe, and from Accunia’s base of clients and owners. These funds will primarily be invested in loans for selected creditworthy European companies.
”Over the past few years we have been building our own management organization for the credit market. We have attracted key talent, from London as well, to ensure we have the highly specialized knowledge and experience that is required to invest in corporate lending,” says Henrik Nordby Christensen, CEO of Accunia.
”We are very grateful to institutional investors for having the faith to invest through Accunia,” he adds.
A CLO (Collateralized Loan Obligations) is a bond issue based on a portfolio of loans. Deutsche Bank acted as sponsor for the Accunia new issue. Chief Portfolio Manager Sergio Grasso heads the firm’s CLO team.
“We are a fully specialized credit house delivering internationally competitive CLO issues. This makes us an attractive partner for institutional investors and providers, and enables us to attract and retain highly qualified professionals in all our fields of operation. This is a position that we are aiming to grow in the coming years,” says Henrik Nordby Christensen.
Accunia have learned that institutional investors value “boutique managers” that focus on skills in just one investment area. The experience is that not spreading their activities leads to better performance. They also prefer having the firm’s executives and portfolio managers act as co-investors as well as owning a significant share of the business.
Accunia Fondsmæglerselskab A/S was established in 2008 and from the outset focused on offering specialized credit management for semi-institutional investors and wealthy individuals, as Accunia is the sole provider in this market.
The investor base has since expanded to include major institutional investors. Accunia has 34 staff members in Denmark and Finland, managing DKK 5.9 billion in CLO issuance, with a total of DKK 12 billion under management.