Maples Group advises on Europe’s first passive CLO ETF
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Deirdre McIlvenna
Maples and Calder (Ireland) LLP, the Maples Group’s law firm, has advised Palmer Square Capital Management on Europe’s first passive CLO ETF designed specifically for institutional and professional investors.
Palmer Square, a credit-focused alternative asset management firm with more than $34.9 billion in assets under management and one of the world’s largest CLO issuers, last week launched the Palmer Square EUR CLO Senior Debt Index UCITS ETF (PCL0).
PCL0 is the first sub-fund of a newly established ICAV, Palmer Square UCITS ICAV, an umbrella fund with segregated liability between sub-funds, established under the laws of Ireland.
Deirdre McIlvenna, partner in Maples and Calder’s Irish funds and investment management practice, said: “It was great working with the team at Palmer Square on this exciting and innovative transaction — Europe’s first passive CLO ETF.
“The project provided a great opportunity for us to showcase our integrated end-to-end solution from our legal expertise through to full registration and listing support.”
Jeremy Goff, managing director at Palmer Square, added: “The Maples funds team’s deep sectoral knowledge, commercial acumen and proven track record of delivering innovative new funds solutions were instrumental in guiding us through a complex regulatory landscape, ensuring that our innovative ETF reached the market smoothly and on schedule.”
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