Highland Capital Management has been appointed the manager of a $243 million CLO previously managed by CypressTree Investment Management.

An affiliate of Highland, Acis Capital Management, assumed the role as collateral manager of Hewett’s Island CLO I, after the majority of the subordinated noteholders nominated the firm for the position, Highland said in a statement released today.

The transaction, completed July 18, raises Highland and its affiliates’ total CLO assets under management to $17.5 billion, comprised of 27 different CLO vehicles.

“We are honored by our selection as manager of this CLO and believe we are well positioned to improve its credit quality and performance,” Josh Terry, portfolio manager at Acis, said in the statement.

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