The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

Vestmark, Invesco
Vestmark, the Massachusetts-based US provider of wealth management software and services, and Invesco, have partnered to deliver a solution for RIAs that provides personsonalization and tax management at scale.

The new offering is called VAST.

“We are confident that this strategic partnership will be a game-changer in the RIA channel,” Karl Roessner, chief executive, Vestmark, said.

VAST allows tax-optimized portfolios to be made that fit with each client's personal situation. It also enables legacy positions at other accounts and firms to be transferred in a tax-efficient way.

The offering is backed by Invesco Investment Solutions, which embraces a multi-manager approach.

GLM III, Golden Tree Asset Management
GLM III and its affiliated investment manager GoldenTree Asset Management, have announced the closing of a $449 million collateralized loan obligation, managed by GLM III.

A CLO is a single security that is backed by a pool of debt instruments of different levels of seniority and risk. CLOs are often backed by corporate loans with low credit ratings or loans taken out by private equity firms to conduct leveraged buyouts.

With the closing of this CLO – GoldenTree Loan Management US CLO 19 – GoldenTree has issued 25 CLOs with a total of more than $14 billion under its CLO strategy.

GLM US CLO 19 will initially be backed by a $434 million portfolio of primarily senior secured loans, as of closing, and will have a five-year reinvestment period and a two-year non call period. The CLO was arranged by a bank syndicate including Wells Fargo Securities as structuring lead, and BoA Securities and Morgan Stanley as co-leads. 

GLM US CLO 19 issued $288 million of AAA rated senior notes with a coupon of S+1.50 per cent, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of S+1.99 per cent, the organizations involved in the CLO said.

Since its inception in 2000, GoldenTree has issued more than $23 billion of CLOs/CBOs, with over $15 billion currently outstanding.

GoldenTree manages over $53 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. It has offices in New York, West Palm Beach, Charlotte, Newport Beach, London, Dublin, Munich, Singapore, Sydney, Tokyo and Dubai.