Institutional Financial Markets, Inc. (IFMI) is a global alternative fixed income asset manager with approximately $6.2 billion in assets under management, $4.1 Billion of which was in insurance/bank CDOs in U.S. and Europe as of December 31, 2013. IFMI does business in Europe through the brand name “Cohen & Company”.
The company’s asset management division is a leading alternative credit investment manager with a strong niche in financials, leveraged loans, high yield bonds and small cap real estate investments.
European assets under management total €1.34 Billion, mainly in the form of CDOs and Separate Accounts. The latter is predominantly invested in structured credit assets, including CLO tranches that provide regulatory capital relief for European banks.
Cohen & Company’s European funds offer investors access to Euro-denominated hybrid capital securities issued predominantly by small and mid-sized European insurers and banks. As the first program of its kind to provide these companies with access to the hybrid debt offered, these funds can achieve a higher spread relative to subordinated insurance company debt issued by much larger companies and available in the wider market.
Cohen & Company’s Paris operations focus on European TruPS and financial institution subordinated debt. The Paris office – Cohen & Compagnie SAS – analyses assets on behalf of Dekania Capital Management in Delaware, and Cohen and Company Financial Limited in London, which between them manage Dekania Europe CDOs I, II and III – funds totaling €714 Million. Cohen and Company also manages a number of separate accounts through its Paris branch.
Cohen’s Paris office has developed a vast network of relationships to originate collateral in Europe, and employs experienced insurance professionals and credit analysts who cover European financial institutions.
Cohen & Company currently has €618 Million of assets under management in a European CLO (Munda CLO I B.V) managed from its London office.