Highland Capital buys European investment manager

London-based ICML, which has been renamed Highland Capital Management Europe, has €650 million under management in portfolios of senior loans, mezzanine debt and high-yield bonds. Highland Capital Management Europe is the investment adviser for two CLOs - Copernicus Euro CDO I and II.

"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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