The majority of collateralized loan obligations (CLOs) are held by a wide array of non-banks such as insurance companies, pension funds, open-ended funds (i.e. mutual funds and exchange traded funds), structured credit funds, and separately managed accounts. According to the Bank of England, there are about $750 billion in CLOs outstanding globally; one-third are held by banks in the U.S., Europe, and Japan; the remainder are held by non-banks.