Citigroup Inc. is the top arranger of collateralized loan obligations, or CLOs, this year through Sept. 30. CLOs pool high-yield, high-risk loans and slice them into securities of varying risk and return. The following table lists the biggest CLO arrangers, underwriters of shares in U.S. mortgage real estate investment trusts and U.S.-registered money-market fund managers:
CLO Arranger Amount Sold Citigroup $7.44 billion Bank of America Corp. $4.61 billion JPMorgan Chase & Co. $3.07 billion Morgan Stanley $2.91 billion Credit Suisse Group AG $2.68 billion UBS AG $2.51 billion Wells Fargo & Co. $1.69 billion Goldman Sachs Group Inc. $1.31 billion Deutsche Bank AG $1.28 billion Wells Fargo/Mitsubishi UFJ $1.07 billion Royal Bank of Scotland Group Plc $1.03 billion Barclays Plc $409.8 million Jefferies Group Inc./Mitsubishi $404 million Nomura Holdings Inc. $350 million
U.S. Mortgage REIT Underwriter Amount SoldBank of America $2.43 billion JPMorgan $2.16 billion Citigroup $2 billion Credit Suisse $1.68 billion Deutsche Bank $1.63 billion UBS $1.55 billion Barclays $1.46 billion Morgan Stanley $758.3 million Wells Fargo $693.3 million Goldman Sachs $668.6 million KBW Inc. $229.2 million JMP Securities LLC $160.6 million Jefferies $133.3 million Royal Bank of Canada $132 million PNC Financial Services Inc. $100 million Stifel Financial Corp. $76.4 million National Australia Bank Ltd. $64.8 million Ladenburg Thalmann & Co. $55.7 million Westpac Banking Corp. $55.1 million ANZ Banking Group $34.2 million
Money-Market Manager AssetsFidelity Investments $414 billion Federated Investors Inc. $234.4 billion JPMorgan $223 billion Vanguard Group Inc. $161.5 billion Charles Schwab Corp. $153.5 billion Bank of New York Mellon Corp. $153.1 billion BlackRock Inc. $139.7 billion Goldman Sachs $127.9 billion Wells Fargo $104.5 billion Morgan Stanley $91.2 billion Northern Trust Corp. $71.6 billion State Street Corp. $67 billion Invesco Ltd. $57 billion UBS $53.3 billion Bank of America $44.5 billion Legg Mason Inc. $41.5 billion Deutsche Bank $40.9 billion U.S. Bancorp $40.2 billion Royal Bank of Canada $19 billion T Rowe Price Group Inc. $14.6 billion Sources: Morgan Stanley, Crane Data LLC and data compiled by Bloomberg.