Is it time to rethink the role of CLOs and securitised assets in portfolios? Join us for a session held in collaboration with Janus Henderson Investors and Intesa Sanpaolo IMI Corporate & Investment Banking Division, exploring the expanding role of securitised assets through CLO structures, their portfolio applications and market dynamics.
Jessica Leoncini, Head of Fixed Income CPM Management at Janus Henderson Investors, will lead the event with Beyond Traditional Credit: The Expanding Role of Securitized Assets. She will examine the evolving securitised investment universe, its distinctive risk-return and credit characteristics, and its potential role in portfolio construction. With a particular focus on CLOs, Jessica will explore their structures and tranches, historical behaviour across market cycles, common misconceptions and the factors driving broader adoption.
In Understanding the CLO Market: A Trading Desk Perspective, Nicolò Macellari, Executive Director and CLO Trader at Intesa Sanpaolo IMI Corporate & Investment Banking Division, will introduce collateralised loan obligations from a trading-desk perspective. Starting from structural fundamentals, he will explore market liquidity, trading dynamics and associated risk considerations, helping to demystify complex securitised credit instruments through an accessible and practical lens.
Together, the presentations will connect the broader evolution of securitised assets with the portfolio considerations and market dynamics shaping the CLO market. A dedicated Q&A with Jessica Leoncini will be followed by drinks and canapes.
Key learning outcomes
Participants will:
- Understand the fundamentals of securitised investing and CLO structures.
- Explore how CLOs differ from traditional corporate and government bonds.
- Examine the risk, return and credit characteristics of CLO investments.
- Understand the factors driving broader adoption of the asset class.
- Consider the role securitised assets may play within diversified portfolios.
Go beyond the headlines and join the conversation shaping the next chapter of securitised markets.
Agenda
| 18:00 |
Registration
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| 18:30 |
Opening Remarks
Giuliano Palumbo, CFA - President - CFA Society Italy
Giuliano Palumbo
CFA - President - CFA Society Italy
Giuliano Palumbo is President of CFA Society Italy and he is responsible for the global fixed income strategies at Euromobiliare Asset Management. With over fifteen years of portfolio management experience, he previously worked in Arca SGR as Head of emerging markets desk. Prior to that, he was a Quantitative Analyst at Pioneer Investments in Dublin. Giuliano graduated in Economics from University of Naples and holds a Master in Economics and Finance. He was awarded with the Chartered Financial Analyst designation in 2009. He previously served as Treasurer and then as Secretary of the Board of Directors at CFA Society Italy.
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| 18:40 |
Beyond Traditional Credit: The Expanding Role of Securitized Assets
This session will provide a foundational overview of securitized investing, with a particular focus on CLOs. Participants will explore how CLOs are structured, the role they play within capital markets, and how different tranches exhibit distinct risk and return profiles. The discussion will also examine the historical performance of the asset class across market cycles, common misconceptions surrounding CLOs, and the factors driving broader institutional adoption.
Designed for investment professionals seeking a deeper understanding of modern fixed income markets, this session will offer practical insights into how securitized assets can complement traditional bond allocations and contribute to portfolio construction in today's evolving investment environment.
Jessica Leoncini, Head of Fixed Income CPM Management - Janus Henderson Investors
Jessica Leoncini
Head of Fixed Income CPM Management - Janus Henderson Investors
Jessica Leoncini is Head of Fixed Income CPM Management at Janus Henderson Investors, where she leads the global fixed income client portfolio management team and supports the development of the asset class's commercial strategy. She works closely with portfolio managers and analysts to communicate the firm's fixed income capabilities and investment insights. Having joined Janus Henderson in 2014, Jessica has held several senior roles across product management and marketing. Prior to this, she worked in investment research and portfolio analysis at several financial firms. She holds degrees in Mathematics and Investment Management and has 22 years of industry experience.
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| 19:20 |
Understanding the CLO Market: A Trading Desk Perspective
A trader's introduction to Collateralized Loan Obligations. Starting with structural fundamentals, the session explores the market from a trader's viewpoint, liquidity dynamics, and associated risk assessment. All with an accessible approach to effectively demystify complex securitized credit instruments for a broader audience.
Nicolò Macellari, Executive Director and CLO Trader - Intesa Sanpaolo - IMI Corporate & Investment Banking Division
Nicolò Macellari
Executive Director and CLO Trader - Intesa Sanpaolo - IMI Corporate & Investment Banking Division
Nicolò Macellari is an Executive Director and CLO Trader at Intesa Sanpaolo - IMI Corporate & Investment Banking Division. He oversees the bank's CLO book and serves as the lead trader for CLO Debt and Equity. His professional focus encompasses market making, hedging, and comprehensive credit analysis within the leveraged loan space. Transitioning from academia to structured credit, Nicolò holds a Master’s Degree in Physics from the University of Southern California and a Laurea in Theoretical Physics from the University of Parma.
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| 19:40 |
Q&A
Jessica Leoncini, Head of Fixed Income CPM Management - Janus Henderson Investors
Jessica Leoncini
Head of Fixed Income CPM Management - Janus Henderson Investors
Jessica Leoncini is Head of Fixed Income CPM Management at Janus Henderson Investors, where she leads the global fixed income client portfolio management team and supports the development of the asset class's commercial strategy. She works closely with portfolio managers and analysts to communicate the firm's fixed income capabilities and investment insights. Having joined Janus Henderson in 2014, Jessica has held several senior roles across product management and marketing. Prior to this, she worked in investment research and portfolio analysis at several financial firms. She holds degrees in Mathematics and Investment Management and has 22 years of industry experience.
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| 19:55 |
Closing Remarks
Giuliano Palumbo, CFA - President - CFA Society Italy
Giuliano Palumbo
CFA - President - CFA Society Italy
Giuliano Palumbo is President of CFA Society Italy and he is responsible for the global fixed income strategies at Euromobiliare Asset Management. With over fifteen years of portfolio management experience, he previously worked in Arca SGR as Head of emerging markets desk. Prior to that, he was a Quantitative Analyst at Pioneer Investments in Dublin. Giuliano graduated in Economics from University of Naples and holds a Master in Economics and Finance. He was awarded with the Chartered Financial Analyst designation in 2009. He previously served as Treasurer and then as Secretary of the Board of Directors at CFA Society Italy.
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| 20:00 |
Drinks and canapes
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Important information
- Participation is subject to approval. Please make sure that your request has been correctly submitted by checking if you have received an email indicating that it will be processed.
- Registrations will close on 22 September, 2 PM CET
- The registration data (first name, last name, and company) will be disclosed to Intesa Sanpaolo S.p.A., acting as an independent data controller, solely for the purposes of registration and security in connection with access to the premises. The data will be retained for a period of 10 days following the date of the event, after which they will be deleted or anonymized, except where further retention is required by applicable law.
- A kind remind will be sent the day before the event to all confirmed requests.
- CFA Institute and CFA Society Italy Regular and Affiliate members can self report 1,5 PL credits accessing their account page on the CFA Institute website.