Welcome to another episode of SALT Talks with host Troy Gayesk, Partner & Co-Chief Investment Officer at SkyBridge Capital. Joining us today is Peter Gleysteen, CEO & CIO of AGL Credit. Before AGL he had two prior employers, JPMorgan Chase and CIFC, a loan asset manager he founded. More recently he built CIFC Asset Management into a leading private debt manager with $13B in AUM, serving as founder and CEO from 2005-2014.
Syndicated bank loans are a non-traditional asset class in that they’re not securities, but loans, meaning they’re not sold on an exchange. Its appeal to long-term investors go up when interest rates are high and see most retail investors sell when rates drop. Because of the unstandardized nature of bank loans, each one is customized by the regional bank. “It's also one of the reasons why the returns are so high because compared to almost anything else, there's a lot of excess return in bank loans.”
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