Barings wins this year's Insurance Asset Risk Americas structured debt manager of the year award, managing $28bn of CLO tranche investments, of which $23bn are managed for insurance clients.

As a subsidiary of MassMutual, Barings leverages the firm's insurance experience across public and private asset classes for the varying needs of life, health and P&C insurers.

The Barings team creates customised CLO strategies to achieve attractive risk-adjusted returns consistent with a client's risk and return objectives. Its strategies include: investment by rating, namely senior CLO tranches (AAA-A), mezzanine CLO tranches (BBB-B), and CLO equity tranches (NR); investment by tranche tenor, which allows insurance companies and other investors to liability-match to a specific tenor; investment in European CLOs; and investment in private credit (PC) CLOs.

Barings published a whitepaper on PC CLOs in February 2024 and worked throughout the year with its insurance clients to explain the opportunity and amend their IMAs, should they want to invest in the asset class. The firm has now increased its investment in PC CLOs to $2bn.