Highland Capital buys European investment manager
Dallas-based Highland Capital Management has bought ING Capital Management Limited (ICML) in a bid to break into the European collateralised loan obligation market.
"ICML is the nucleus of a long-term, strategic commitment to Europe; we will invest significantly in growing its capabilities with local resources," says Jim Dondero, president of Highland.
Last year, another US manager, Babson Capital, was the first to buy a European CLO manager. Babson bought Duke Street Capital Debt Management, which is now known as Babson Capital Europe.
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