Private credit fuels asset managers’ AUM growth, as banks cede corporate loan share to non-banks

Neal Epstein explains how comparatively strong credit performance and returns draw asset managers to private credit despite high borrower leverage. Warren Kornfeld and Clay Montgomery cover the growing role of non-banks, including BDCs, in the space.Guests: Neal Epstein, Vice President – Senior Credit Officer, Funds & Asset Management, Moody’s Investors Service; Warren Kornfeld, Senior Vice President, Banking, Moody’s Investors Service, and Clay Montgomery, Vice President, Senior Analyst, Banking, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Michael Porta, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Financial Stability – US: Private credit’s expansion fuels asset managers' AUM growthFinancial Stability – US: As banks cede share of corporate lending to non-banks, leverage and risk riseFinancial Stability – US Business Development Companies: BDCs' profitability will benefit from higher interest rates; asset risk will also increase