Fifth Street Finance (FSC) is an externally-managed BDC managed by Fifth Street Asset Management (FSAM). Fifth Street Asset Management’s primary clients are its two BDCs, FSC and Fifth Street Floating Rate (FSFR).
Meet the external manager
Investment advisory employees: 38
Clients: BDCs, pooled investment vehicles, and seperately managed accounts.
Assets under management: $4.6 billion (a majority is in FSC and FSFR, its BDCs)
AUM per investment employee: $121 million
Source: FORM ADV filing.
Fifth Street Finance’s Board of Directors
|Bernard D. Berman||Director and Chairman||2009||2018|
|Ivelin M. Dimitrov||Director, President and Chief Investment Officer||2013||2017|
|Sandeep K. Khorana||Director and Managing Director, Head of Sponsor Coverage||2015||2018|
|Todd G. Owens||Director and Chief Executive Officer||2014||2019|
|Brian S. Dunn||Director||2007||2017|
|Richard P. Dutkiewicz||Director||2010||2019|
|Byron J. Haney||Director||2007||2017|
|Douglas F. Ray||Director||2007||2019|
Potential conflicts and concerns
- Fifth Street Finance has previously fought off outside activists with greenmail.
- The company reached a settlement on a class-action shareholder suit, and agreed to make improvements to its Board of Directors.
- FSC’s staggered Board of Directors elections make outside influence difficult, if impossible.
- The external manager diluted investors of another one of its managed funds, Fifth Street Floating Rate, in order to inflate its AUM prior to the public listing of its external manager, Fifth Street Asset Management (FSAM).
C-Level Management summary
Chief Executive Officer: Todd G. Owens
Chief Investment Officer: Ivelin M. Dimitrov
Chief Financial Officer: Steven M. Noreika
PCM Chief Compliance Officer: Kerry S. Acocella