The uncertain outlook for structured finance means Europe’s highly fragmented community of collateralised debt obligation managers is heading for consolidation. Financial News profiles 10 of the most influential.

In the collateralised loan obligation market, a compartment of the broader CDO arena, pressure to consolidate is likely to escalate. There are more than 60 CLO managers in Europe, half of which have fewer than two CLOs under management, according to rating agency Fitch Ratings. Manuel Arrive, an analyst at Derivative Fitch, which specifically covers the CDO market, in London said a European CLO manager needed two to three deals to break even in benign market conditions.