Business UpdateMay 19, 2026, 05:02 PM
XAI Octagon Trust to Change Sub-Adviser to King Street, Rebrand
AI Summary
XAI Octagon Floating Rate & Alternative Income Trust's Board has unanimously approved, subject to shareholder approval, the appointment of Rockford Tower Asset Management, L.L.C. (King Street Sub-Adviser) as the new investment sub-adviser. King Street is a global alternative asset manager with over $30 billion under management. The Trust's current sub-adviser, Octagon Credit Investors, LLC, will resign, and the Trust's name will change to "XAI Floating Rate & Alternative Income Trust" around July 30, 2026. The investment objective and advisory fees will remain unchanged.
Key Highlights
- Board approved Rockford Tower Asset Management, L.L.C. (King Street Sub-Adviser) as the new investment sub-adviser.
- King Street manages over $30 billion, including $12 billion across 19 U.S. and 9 European CLOs.
- Young Choi and Terry Ing will be primarily responsible for managing the Trust's portfolio.
- No change to the current investment adviser (XA Investments LLC) or the 1.70% annual advisory fee.
- The Trust's investment objective and principal investment policies are expected to remain unchanged.
- Shareholder approval is required for the new sub-advisory agreement, with a special meeting around July 30, 2026.
- Octagon Credit Investors, LLC, the current sub-adviser, will resign around July 30, 2026.
- The Trust's name will change to "XAI Floating Rate & Alternative Income Trust".
Price Impact
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