XAI Floating Rate & Alternative Income Trust shareholders vote July 30 on King Street sub-advisory agreement in proxy fight
XFLT•Shareholders to vote on new sub-advisory agreement
XAI Floating Rate & Alternative Income Trust (XFLT) shareholders face a July 30, 2026 special-meeting vote on a new sub-advisory agreement with King Street’s Rockford Tower unit.
The board is urging support for the change, citing a yearlong review and expected performance improvement versus former sub-adviser Octagon.
ISS and Glass Lewis recommended backing the King Street sub-advisory agreement in the proxy contest.
King Street is pitched as a larger CLO platform, with about $30 billion AUM and $13 billion across U.S. and European CLOs.
Young Choi, King Street partner and global head of trading, is set to become primary portfolio manager if shareholders endorse the plan.
