DoubleLine’s Andrew Hsu, CFA, and Fifi Wong – both portfolio managers in structured products – sit down with host Stewart Foley of InsuranceAUM to discuss the evolution of asset-backed securities (ABS) and asset-based finance (ABF) within insurance portfolios. Drawing on DoubleLine’s deep roots in securitized markets, the conversation explores how the firm identifies opportunities across public and private credit markets, the growing role of nonbank lending, and how innovative structures can deliver yield and diversification in a capital-efficient manner. The group also discusses how DoubleLine’s disciplined underwriting, macro-aware risk management and long-term partnership approach have helped insurers navigate multiple market cycles while avoiding concentration and credit pitfalls.
The episode also delves into the distinctions between ABF – and traditional private debt, highlighting how DoubleLine’s static-balance-sheet focus and sector expertise – from student loans to aircraft and data center securitizations – inform credit selection and risk calibration. With over a decade of ABF experience, the DoubleLine team emphasizes scalable sourcing, longevity of partnerships, and the alignment of interests between originators and institutional investors. For insurance CIOs, portfolio managers and investment risk officers, this episode offers a technical yet accessible exploration of how securitized and asset-based strategies can drive resilient, high-quality returns across an insurance balance sheet.
Mr. Hsu joined DoubleLine at its inception in 2009. He is a Portfolio Manager for the DoubleLine Total Return and ABS/Infrastructure Income strategies. Mr. Hsu is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees. Prior to that, he was responsible for analysis and trading of structured products, where his focus included residential MBS and ABS transactions. Mr. Hsu’s responsibilities have also included structuring and negotiating terms on new-issue transactions and forming strategic partnerships with issuing entities in order to participate in key transactions. Prior to DoubleLine, he worked at TCW from 2002, where he focused on credit analysis for structured product securities and co-managed two structured product funds centered on debt and equity investments. During that time, Mr. Hsu was actively involved with portfolio management decisions and investment analysis, including reverse engineering complex CDO/CLO structures. He holds a BS in Finance from the University of Southern California and is a CFA® charterholder.
Ms. Wong joined DoubleLine in 2009. She is Portfolio Manager on the Global Infrastructure Investment and Asset-Backed Securities team. Prior to DoubleLine, Ms. Wong was an Assistant Vice President at TCW where she was a Structured Products Risk Analyst. She holds a B.S. in Mathematics/Economics from the University of California, Los Angeles.
