The CDO manager hit parade

With nearly 300 CDO managers plying their trade in today's global markets, investors are hard-pressed to decide who's top of the pops and who's a one-hit wonder. Rachel Wolcott speaks to influential investors to find out which managers they really rate

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The long bull run in the global credit markets has facilitated the development and growth of the now massive collateralised debt obligation (CDO) market. Benign credit conditions, combined with investors' unceasing hunt for yield, have propelled the CDO market to new heights, with $481 billion in paper outstanding as of the end of 2006, according to Dresdner Kleinwort. With this exponential growth has come a proliferation of CDO managers of varying degrees of talent and expertise.

Huge demand for

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