This week we continue our conversation with Dee Dee Sklar, Vice Chair of Subscription Finance, Asset-Backed Finance, Wells Fargo Securities. ABF provides direct structured lending as well as the underwriting and distribution of asset-backed securities for over 550 clients and a risk portfolio of approximately $122BN across consumer, commercial, residential, corporate debt finance and subscription finance. Second of two parts – View part one.

The Lead Left: Who is the competition? How does Wells Fargo distinguish yourself from them?

Dee Dee Sklar: Noting my previous comments about the size of the funds and the size of subscription needs, often your competitors are your partners. I would say there are about ~75 banks participating in subscription financings, ranging from the large money center banks to much smaller regional or “local” banks. The majority are not capable of managing a syndication process or managing multi-bank lines after closing. Therefore, sponsors need a strong and stable agent bank. This is why we carefully navigate our role to agent transactions.

We have a dedicated syndication team, headed by Michele Simons. When it comes to corporate debt funds we are often leading both Subscription and Asset Level Financings and both are large syndicated financings. Our relationship with partner banks is very important in terms of our sponsors needs and the partner bank’s needs.

Among all banks globally, we are the largest centralized subscription team. Our centralized approach is appreciated by our clients. We support them through various cycles some of which have been challenging.

TLL: What is the universe of clients? How many relationships do you have?