XAI and King Street make case for CLO sub-advisory change amid fierce Octagon pushback
XA Investments earlier this week (30 June) held a webinar asking shareholders to approve a significant restructuring of listed closed-ended fund XAI Floating Rate & Alternative Income Trust (XFLT) and interval fund XAI CLO & Income Opportunities Fund (OCTIX). This involves replacing sub-adviser Octagon Credit Investors — which has put up resistance — with Rockford Tower, a King Street Capital Management affiliate, broadening the funds’ investment mandate, and reducing management fees in a bid to revive performance.
