The lead arranger, or the mandated lead arranger (MLA), is the investment bank or underwriter firm that facilitates and leads a group of investors in a syndicated loan for major financing. The lead arranger assigns parts of the new issue to other underwriters for placement, and usually takes the largest part itself. It is also called a managing underwriter or a syndicate manager. The arranger is paid either through an arranger fee, through skimming or through structuring fees.