ISS and Glass Lewis backed the proposed sub-advisory agreement, while XAI highlighted King Street’s CLO platform, global credit reach and portfolio manager Young Choi ahead of the shareholder vote.
XA Investments LLC added support for its push to install Rockford Tower Asset Management, L.L.C., a wholly owned subsidiary of King Street Capital Management, L.P., as sub-adviser to XAI Floating Rate & Alternative Income Trust ahead of the Fund’s July 30, 2026 special meeting, saying both ISS and Glass Lewis recommended shareholders approve the proposal. XAI said the Board unanimously views the King Street Sub-Advisory Agreement as the best path forward after a yearlong diligence process that included 12 Board meetings and a review of multiple candidates. The firm said King Street brings a 30-year track record, about $30 billion in assets under management, more than $13 billion across 20 U.S. collateralized loan obligations and nine European CLOs, and broader access to U.S. and European credit markets, all without new fees. XAI also said 20-year King Street veteran Young Choi would serve as XFLT’s primary portfolio manager if the agreement is approved, and contrasted the expected benefits with what it described as the Fund’s recent underperformance under terminated sub-adviser Octagon Credit Investors.